Dubai’s Virtual Assets Regulatory Authority (VARA) has become the world’s first regulator aiming to provide a framework for financial entities to operate in the metaverse, including, among others, the bank and state services.
The fact that Dubai’s state regulator is the first to come up with such an initiative is notable, as the emirate is currently one of the world’s largest IT entrepreneur hubs.
Forecasts for 2022: Regulations underway
VARA’s initiative will initially focus on younger licensees, enabling them to enter the metaverse, and “openly share knowledge and experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability.”
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