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H.H. Sheikh Hamdan launches Metaverse HQ

Tuesday, 3 May 2022 16:08

By ARN News Staff

WAM

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council has launched the Dubai Virtual Asset Regulatory Authority (VARA) in “The Sandbox" - the fastest growing virtual world.

VARA is the world’s first regulator in the Metaverse, and Sheikh Hamdan noted it is a new model for managing and expanding government business.

Sheikh Hamdan announced the Authority will work to provide regulatory and supervisory services to a wide audience that crosses borders and with reliable future technologies.

He said the Dubai government will always be part of the future and a major driver of those new technologies.

He also said Dubai maintains a leading position at the forefront of the technological transformation and they have exceeded the role of an early adopter to become an innovator and participant in shaping the future of the technology. 

He said VARA represents a serious effort to build a new, powerful economic sector that contributes to the nation's economy and creates new investment opportunities.

He added the presence in the Metaverse marked the beginning of a new phase in the Dubai Government's march to the future.

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