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The Virtual Asset Regulatory Authority becomes the world's first regulator to emerge in the Metaverse. It has launched MetaHQ in the Sandbox, a virtual world that will provide a framework for the emerging Metaverse landscape.
VARA was launched in March as part of a broader agenda for action in the virtual assets world. It establishes a "secure and progressive operational framework" for scaling up the virtual asset sector, while protecting the market and investors.
The Dubai-based VARA will regulate the principles of service and activity management, rather than the ever-evolving products and underlying technology.
VARA will join other private sector organisations, innovators and market makers in the IT space, as well as financial and professional service providers in the Metaverse. Lifestyle, entertainment and consumer goods providers have already emerged in the AR world.
VARA MetaHQ will serve as the primary channel for engaging Virtual Assets Service Providers to initiate applications, enable young licensees to enter the Metaverse, openly share knowledge with consumers and similar regulators to raise awareness, ensure secure adoption and global interoperability.
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