VARA will be the first crypto regulatory authority to enter the metaverse. Sheikh Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, said, “By augmenting VARA’s resources through the metaverse, Dubai is building a prototype decentralized regulator model. For this, authorities and industry experts from various countries are involved in this. will be invited.” Bloomberg Intelligence recently said in a report that the Metaverse market could reach $800 billion by 2024. The Caribbean country of Barbados plans to open a digital embassy in the Metaverse.
VARA also has the right to punish those who violate the new law related to crypto. Apart from imposing fine on violators, it can also shut down their business. Residents of Dubai must register with VARA before engaging in crypto-related activities. Apart from this, businesses related to virtual assets such as crypto exchanges will also have to provide details to VARA. The purpose of enforcing the law relating to the crypto segment in Dubai is to enforce international standards and grow the industry. This will also ensure security and transparency for crypto investors.
Many large firms are opening their offices in the UAE regions like Dubai and Abu Dhabi. These include the crypto exchange Binance. There are also plans to create a separate zone in Dubai to promote the crypto segment. This can also increase the number of people investing in crypto in Gulf countries. Recently there was speculation of crypto exchange WazirX shifting its headquarters to Dubai. However, the exchange had clarified that it is headquartered in Mumbai and will remain in the same city. The reason for these speculations was the tax laws implemented on virtual digital assets in the country and they were expected to affect the business of the exchange.
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