Dubai’s Crypto Regulator Buys Land in the Metaverse for Headquarters

MetaHQ plans to be the first government regulator headquarters in the metaverse

article-image

Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum | Source: Shutterstock

share

key takeaways

  • VARA did not provide details about when MetaHQ will be accessible to users or information about the cost of the digital land
  • The US is also expanding its crypto regulatory presence by adding 20 positions to its SEC watchog unit

Dubai’s cryptocurrency regulator has become the first such national watchdog to acquire land in the metaverse with plans to establish a virtual headquarters.

Dubai’s Virtual Assets Regulatory Authority (VARA) will create its “MetaHQ” using The Sandbox metaverse platform, according to a Tuesday statement from VARA to the WAM news agency. 

MetaHQ plans to provide digital users access to regulatory resources within the virtual environment, something that will become increasingly important as digital presence increases, the statement said. 

“By expanding VARA’s resources to a borderless audience through the Metaverse, Dubai is creating a prototype Decentralised Regulator Model, inviting international thought leaders – global authorities, governance custodians, and industry shapers – to participate, exchange knowledge, and problem-solve collectively so that we enable the dynamic virtual assets sector to build economic resilience, accelerate social inclusion, and address environmental sustainability,” Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said in the statement. 

The development comes as the United States likewise moves to increase regulatory oversight of digital assets — albeit in the physical world.

The SEC announced Tuesday that it will be adding 20 members to the unit responsible for protecting investors in crypto markets and from cyber-related threats. 

The newly renamed Crypto Assets and Cyber Unit, formerly known as the Cyber Unit, will now have 50 team members, including the new hires, the SEC said. 

“The U.S. has the greatest capital markets because investors have faith in them, and as more investors access the crypto markets, it is increasingly important to dedicate more resources to protecting them,” SEC Chair Gary Gensler said in a statement. 

The new SEC positions will focus on regulating cryptocurrency exchanges, lending and staking, non-fungible tokens (NFTs) and more.

VARA did not provide details about when MetaHQ will be accessible to users or information about the cost of the digital land.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

Revolut said that the standalone crypto exchange is currently “invite only”

article-image

The stock price jump comes after Coinbase reported ending its seven-quarter run of net losses during the fourth quarter

article-image

BUZZ holds shares of Coinbase, Robinhood and MicroStrategy

article-image

Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders