The first regulatory body in the world Dubai enters the world of the “Metaverse”

The Emirate of Dubai has announced the entry of the Dubai Virtual Asset Regulatory Authority into the world of the Metaverse and its establishment as an official headquarters in the virtual world “The Sandbox”.

And the Emirati news agency, WAM, said on Monday: “Dubai’s Virtual Assets Regulator is the first regulator in the world to enter the world of metaviruses.”

He also explained that this reflects “the confidence of the Dubai government that virtual resources are an integral part of the future digital economy and confirms its willingness to consolidate the emirate’s position as the capital of virtual resources in the world”.

The world of Metaverse, which Meta and other companies describe as the future of the Internet, is made up of a set of parallel universes, accessed mainly through augmented and virtual reality platforms.

The city of Dubai

new phase

For his part, the crown prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, said: “Today, the first government authority in the Emirate of Dubai is in the world of metaviruses to start a new phase in providing our government, regulatory and supervisory services to an open and cross-border public through modern futuristic tools “.

Sheikh Hamdan added: “The Dubai Virtual Heritage Regulator is working to build a new economic sector that serves our national economy and helps provide investment and economic opportunities to dealers by providing safe and sustainable regulatory solutions.”

The Dubai Virtual Asset Regulatory Authority was established last March in based on the first law on the regulation of virtual resources of the emirate.

This authority aims to “help attract investments and companies working in the field of virtual resources to make the emirate a center for their activities and to provide the systems necessary to protect investors and resellers of virtual resources”.

Interest in metaverses has skyrocketed since last October after Facebook decided to make the idea its new venture and the group went so far as to call its parent company “Meta.”

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