The Dubai Asset Regulatory Authority announced its entry into the metaverses by establishing its headquarters in the virtual world “The Sandbox.”. The Crown Prince of Dubai will oversee it. He serves as the Chairman of the Executive Council of the Emirate of Dubai.
The Sandbox will be the national authority handling all legal partnerships and financial transactions with autonomy. With the establishment of the Sandbox, clear rules have been set for the classification of asset types virtual tokens—regulations and standards for its trading.
The Dubai authorities have begun organizing virtual assets into categories and symbols to ensure the environment is conducive to daily transactions, such as symbolic scents, animals, beasts, aviators, etc.
The regulation of personal data and financial transactions is paramount to ensure users feel safe while interacting with the platform.
The following are the activities subject to the correction and oversight of the authority:
-Management and operation
- Exchange of services between virtual assets involving global currencies,
- Swap of services between one or more forms of virtual assets
- Virtual asset transfer assets
- Virtual asset custody or control services
- Any services in the virtual asset portfolio
- Special services for offering and trading premium virtual subscriptions
The metaverse is still in its infancy stage, and the Dubai government is working with companies local and foreign to ensure it is safe and reliable for its citizens.