Despite so much metaverse and web-3 activity, probably not many people have the Dubai cryptocurrency regulator throwing a metaverse siege on their bingo sheet, right?
Well, that’s exactly what happened; The Virtual Asset Regulatory Authority (VARA) in Dubai started Sandbox to participate in the growing metaverse ecosystem.
Dubai has entered the metaverse
The cryptocurrency regulator of one of the seven emirates of the United Arab Emirates, Dubai, has announced its entry into The Sandbox’s Metaverse to improve its accessibility to the crypto industry.
Launched in early March, the Virtual Asset Regulatory Authority (VARA) aims to create an advanced legal framework to protect investors and design sound internationally reasonable standards for virtual asset management (VA ) industry that will promote responsible business growth. .
Building on this idea, the regulator seeks to establish its headquarters in the metaverse as well as to conduct collaborative interaction between crypto service providers and international regulators.
During the inauguration of VARA MetaHQ, the Crown Prince of Dubai and Chairman of the Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said:
“Dubai continues to be in a leadership position at the forefront of technological innovation. We have moved beyond being early adopters to be an innovator and part of shaping the future of this technology.
VARA’s move in the metaverse, which is the first government authority in the Sandbox universe, is intended to signal the Dubai government’s tendency to prioritize technology, rather than prevent or limit innovation.
According to Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, VARA also represents a serious effort to build a strong new economic sector that will contribute to Dubai’s economy and create new opportunities. in investment.
However, despite VARA’s move to the metaverse, Dubai still remains on the list of countries with the strictest cryptocurrency policies; no crypto service providers are allowed to operate in the country without permission from VARA. Failure to do so may result in suspension or cancellation of the license.
Select the sandbox
Even if Sandbox isn’t the largest metaverse by market capitalization, it’s likely to be one of the most preferred virtual worlds for brands and companies like HSBC bank, Snoop Dogg’s Snoopverse, etc., and now regulators .
However, the observed decline in sales and users since February may be worrying.
Between November 2021 and May this year, the price of a plot of LAND in the Metaverse increased from $ 10,851 to $ 3,365, respectively.
In addition, the number of spaces sold since January also decreased from 16,511 to 2,243, leading to a significant decrease in the overall number of unique users of the platform.
In conclusion, Sandbox needs a much needed improvement from its community.
As was the case on the investment front, Sandbox’s SAND token disappointed investors this week after falling nearly 30% to a 6 -month low. But as the recovery across the market began 24 hours ago, SAND jumped 14.27%.
While the journey to a new high of $ 7.53 may be difficult, SAND can do it, as long as its investors remain strong for the long term.