UAE introduces “Responsible Metaverse Self-Governance Framework” in collaboration with Dubai’s Department of Economics.
Binance CEO Changpeng Zhao supports the UAE’s regulatory outlook, signifying the crypto industry’s endorsement.
UAE adopts a proactive approach to encourage innovation while ensuring user and enterprise protection in the metaverse.
The United Arab Emirates has introduced a new governance framework aimed at ensuring the ethical growth of the metaverse.
The UAE Minister of State for Digital Economy, A.I., and Remote Work Applications, Omar Sultan Al Olama, announced the launch of the “Responsible Metaverse Self-Governance Framework” white paper.
Developed together with Dubai’s Department of Economics, the framework looks to support the expansion of the metaverse economy while tackling challenges and capitalizing on opportunities.
The UAE’s initiative outlines guiding principles and best practices for metaverse governance spanning areas like data privacy, content moderation, and financial crime prevention.
By taking a proactive governance approach, the UAE hopes to foster innovation while protecting users and enterprises in the burgeoning metaverse ecosystem.
Binance CEO Changpeng Zhao welcomed the announcement, signaling the crypto industry’s endorsement of the UAE’s regulatory outlook.
👍👏
— CZ 🔶 Binance (@cz_binance) October 11, 2023
Binance has been expanding its presence in the United Arab Emirates (UAE) and views the country as a significant operational hub. Binance’s subsidiary in Dubai, known as Binance FZE, has successfully secured a minimum viable product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). This license allows Binance to provide cryptocurrency exchange and virtual asset broker-dealer services in Dubai.
The UAE’s well-defined crypto regulations have made the region attractive to exchanges like Binance, especially as the company faces legal challenges in the United States, including disputes with the Securities and Exchange Commission and the Commodities Futures Trading Commission.
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