The regulator of the cryptocurrency market in Dubai has announced the opening of its headquarters in The Sandbox metaverse.

Dubai’s Virtual Assets Regulator became the world’s first regulator to debut. #metaverse#wamnews https://t.co/qWUTSwvUjT pic.twitter.com/SoGth4nnpF

— WAM English (@WAMNEWS_ENG) May 3, 2022

The Virtual Asset Regulatory Authority (VARA) has announced that it will become the first government agency and global regulator of the emirate to exist in the virtual world.

The department explained the move as a desire to increase the availability of their services, as well as foster collaboration between cryptocurrency service providers, industry leaders and supervisory authorities.

In March, Dubai authorities passed a law on virtual assets and established VARA.

“Dubai sees the virtual asset industry as the driver of the future global economy. VARA was created at a pivotal moment in response to the expansion of the emirate’s incredibly complex and modern legal framework that governs the industry, said Halal Saeed Almarri, President of Dubai World Trade Centre.

According to him, the regulator’s entry into metadata contributes to “creating a borderless new market that provides sustainable economic freedom.”

“VARA’s purchase of land in The Sandbox symbolizes our faith in the industry and it is our responsibility as a government to act as a bridge that allows investors and consumers to safely implement and scale this economy together,” he said.

Recall that after the regulation was passed, major bitcoin exchanges like FTX and Binance were licensed in Dubai.

In May, Three Arrows Capital cryptocurrency hedge fund announced that they were relocating from Singapore to the Emirates.