In a screen-shattering update, the Virtual Assets Regulatory Authority (VARA) in Dubai, UAE, established the world’s first regulator headquarters in the Metaverse.

The expansion of VARA’s resources to a borderless sandbox world is part of Dubai’s strategy to create a decentralized regulator model. VARA also aims to facilitate engagement between virtual asset service providers, industry influencers, and global regulators—effectively making Dubai the world’s virtual assets capital.

VARA’s efforts are in line with the UAE’s vision to continue to build a new, powerful economic sector that contributes to the nation’s economy and creates new investment opportunities. VARA aims to create an advanced legal framework to protect investors and provide international standards for virtual asset industry governance to enable responsible business growth.

Moreover, as the UAE continuously views the virtual asset industry as the driver of the global future economy, it becomes more pressing to enter into this emergent digital world and understand the impact on intellectual property rights.