Crypto Regulator in Dubai Purchases Land in the Metaverse for HQ
For the first time, a national cryptocurrency watchdog in Dubai has purchased property in the metaverse with the intention of establishing a virtual office on it.
The Sandbox metaverse platform will be used by Dubai’s Virtual Assets Regulatory Authority (VARA) to establish its “MetaHQ,” according to a statement sent by VARA to the WAM news agency on Tuesday.
According to a statement from MetaHQ, as digital presence grows, it will be more necessary for the company to give digital consumers with virtual access to regulatory resources.
In order to allow the dynamic virtual assets sector to generate economic resilience, promote social inclusion, and address environmental issues, Dubai is establishing a prototype Decentralized Regulator Model and encouraging worldwide thought leaders – global authorities, governance custodians, and industry shapers – to collaborate, share information, and problem-solve jointly via the Metaverse.
There has been a rise in regulatory monitoring of digital assets in the real world at the same time. The Securities and Exchange Commission (SEC) has announced the addition of 20 new personnel to its branch tasked with safeguarding investors from cyber-related hazards and those in the crypto markets.
In addition to the new appointments, the newly renamed Crypto Assets and Cyber Unit will now have 50 team members.
According to SEC Chair Gary Gensler, “investors have trust in the U.S. capital markets, and as more investors use the crypto markets, it is more imperative to devote more resources to safeguarding them.
In addition to regulating cryptocurrency exchanges, the new SEC roles will also address lending and staking, non-fungible tokens (NFTs), and other related issues. It is unclear when MetaHQ will be open to the public or how much it would cost to own digital property.