An official statement said that the Virtual Assets Regulatory Authority is going to step into the metaverse so that Dubai can reach every audience in the world, as there will be no boundaries of any kind. In addition, the headquarters of the Virtual Assets Regulatory Authority will be used as a main channel. Here experience and information can be shared among all developers. In addition, young people and players will also be included who will drive the metaverse.
Dubai is a country that is not only known for tourism but also for innovation. This announcement to buy land in Metaverse sets another example of this uniqueness of Dubai. More than the physical world, now the world’s population is shifting towards the virtual world i.e. the metaverse. In such a situation, Dubai has taken this step considering its future. VARA is the first regulator in the world to buy land in the metaverse. It’s like making new history in the crypto industry.
Hamdan bin Mohammed al Maktoum, Prince of Dubai and Prime Minister of the United Arab Emirates, said, “By expanding the resources of VARA, the country will now be able to reach all users of the Metaverse. He appealed to authorities around the world to ensure that their Share ideas to create a better global economy using virtual assets.”
Helal Saeed Almarri, Director General of the Dubai World Trade Center Authority, said that the virtual asset industry for Dubai will be a driver of the global economy of the future. He added that Dubai is expanding a very clean and modern legal framework to regulate the cryptocurrency ecosystem. In such a situation, this step of buying land in Metaverse is going to prove to be very important, and a decision taken at the right time.
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