- VARA would be the first watchdog in the crypto business to own land in the Metaverse.
- Brubank is not the first bank in Argentina to provide bitcoin services to its clients.
Dubai agency opens virtual office
The Dubai administration is making no concessions in its attempts to foster the growth of the domestic crypto business and its attraction to crypto aficionados. The Dubai Virtual Assets Regulatory Authority (VARA) stated on May 3 that it had purchased a plot of property in The Sandbox metaverse to develop virtual headquarters.
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According to an official release, the VARA is entering the Metaverse to reach a "borderless audience" while simultaneously promoting social inclusion and environmental sustainability by managing its operations with fewer physical resources.
Additionally, VARA's MetaHQ will act as the primary route for developers, younger generations, and gamers who visit the Metaverse to exchange their ideas and knowledge, facilitating "secure adoption" to encourage worldwide interoperability.
Dubai is well-known for its technological advancements as well as its tourism. And this news is simply one more illustration. VARA would be the first watchdog in the crypto business to own land in the Metaverse, making history.
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The government would be able to communicate with all users in the Metaverse by boosting VARA's resources, according to Hamdan bin Mohammed al Maktoum, Prince of Dubai and Prime Minister of the United Arab Emirates. He also asked all governments across the globe to engage and share ideas on how to leverage virtual assets to develop a stronger global economy.
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Brubank integrates crypto operations
In the wake of Argentina's crypto explosion, private banks are beginning to realize the potential of providing bitcoin services to their customers. The country's central bank has approved Brubank, an all-digital financial institution, to provide bitcoin buying services on its app. When a consumer inquired about the additional possibilities on the platform, the bank advertised this new feature on social media.
According to Brubank:
Yes, we have cryptocurrency! It's a feature gradually becoming available to all of our users. You'll be able to see it once you've enabled it by going to the app's 'Investments' section.
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Only four virtual currencies are available on Brubank's platform: BTC, ETH, and two stablecoins: USDC and DAI.
Brubank is far from the first bank in Argentina to provide crypto services to its clients. Another private bank, Banco Galicia, said on May 2 that it was already selling bitcoin investments straight via its home banking app after its clients requested these products.
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On the other hand, cryptocurrencies are still unregulated in the nation, and banks are unable to provide bitcoin investments on their own. Banks are forming partnerships with third-party organizations operating outside of the nation to provide white label offerings. Lirium, a European regulated platform, offers the liquidity, conducts transactions, and provides custody services for the bank's customers in the instance of Banco Galicia. Brubank is yet to reveal whose platform would be offering these services.
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