Even with so much metaverse and web-3 activity, few likely had Dubai’s cryptocurrency regulatory body launching a metaverse headquarters on their Bingo sheet, right?
Well that’s exactly what happened; Dubai’s Virtual Asset Regulatory Authority (VARA) leaped into Sandbox to participate in the growing metaverse ecosystem.
Dubai Enters the Metaverse
The cryptocurrency regulatory body of one of the seven Emirates of UAE, Dubai, announced its entry into the Metaverse of The Sandbox to enhance its accessibility in 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 much-warranted international standards for virtual asset (VA) industry governance that will promote responsible business growth.
Building on that idea, the regulatory body intends to establish its headquarters in the Metaverse as well to facilitate collaborative engagement between crypto service providers and international regulatory authorities.
On the inauguration of the VARA MetaHQ, the Crown Prince of Dubai and Chairman of Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said,
“Dubai maintains a leading position at the forefront of technological transformation. We have exceeded the role of an early adopter to become an innovator and participant in shaping the future of this technology.”
VARA’s movement to the metaverse, being the first government authority in the Sandbox universe, aims to signal Dubai’s Government’s propensity to be tech-forward, rather than constraining or limiting innovation.
According to Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, VARA also represents a serious effort to build a new, robust economic sector that will contribute to Dubai’s economy and will create new investment opportunities.
However, despite the VARA movement to the metaverse, Dubai still remains on the list of countries with the strictest cryptocurrency policies; no crypto service provider is allowed to function in the country without the VARA’s authorization. Failure to do so can even result in the suspension or cancellation of the permit.
Choosing the Sandbox
Even though The Sandbox isn’t the largest Metaverse by market cap, it still tends to be one of the most preferred virtual worlds by brands and companies such as the HSBC Bank, Snoop Dogg’s Snoopverse, etc., and now regulatory bodies.
However so, the decline noted in sales and users since February might become a matter of concern.
Between November 2021 and May of this year, the price of a single plot of LAND in the Metaverse has reduced from $10,851 to $3,365, respectively.
Furthermore, the number of plots sold since January has also dropped from 16,511 to just 2,243, resulting in a significant fall in the total unique users on the platform.
In conclusion, The Sandbox needs some much-needed boost of positive response from its community.
As it is on the investment front, Sandbox’s token SAND disappointed investors this week after it dropped by almost 30% to a 6-month low. But as the market-wide recovery initiated 24 hours ago, SAND shot up by 14.27%.
While the journey to a new all-time high of $7.53 will be a difficult one, SAND can make it, provided its investors stay affirmative for a long time.
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