RFOX, a fast-growing metaverse company building the future of the Internet, has announced it has established a new regional office in Dubai. The company is currently domiciled in Southeast Asia and has carved out a reputation as one of the hottest blockchain companies. 

What makes RFOX unique is the RFOX VALT metaverse, a virtual world that the company is building in virtual reality (VR), and its integration with the multiple other businesses the company has already built to create a vibrant ecosystem. The RFOX VALT is focused on shopping, retail, and entertainment experiences, offering users the ability to have new and immersive experiences with their favourite brands and celebrities in VR.

RFOX established a roadmap to build a metaverse two years ago. The Company's plans accelerated once Facebook announced it was pivoting to become a metaverse-focused company called Meta. Fortunately for RFOX, its plans to build a metaverse were fairly advanced. RFOX is one of the few companies that have specifically targeted both retail and entertainment sectors for its metaverse focus. Analysts Emergen Research have identified both sectors to dominate the metaverse market, estimated at USD 1.6 trillion by 2030.

Co-founder and CEO, Ben Fairbank praised the Dubai government, especially its ruler Sheikh Mohammed Bin Rashid Al Maktoum, for the foresight and vision for virtual assets and the crypto industry. “We looked at multiple jurisdictions, and after careful review, we decided that Dubai was making great progress in giving users confidence in virtual assets. Dubai's adoption of the Virtual Asset Regulation Law, the first law governing virtual assets, and the establishment of a regulator to oversee the sector will help facilitate the mainstream adoption of virtual assets. We also looked at the ecosystem in Dubai and found we were in good company with organisations such as Binance and Meta also taking up strategic positions in Dubai. We are optimistic about our future in the region”, said Ben Fairbank, CEO of RFOX.  

About RFOX

RFOX is a metaverse company with a mission to be the global leader in immersive metaverse experiences focused on retail, media, gaming, and rewards, through the RFOX VALT metaverse. Since 2018, the company has built the RFOX ecosystem of products and solutions that include online games (RFOX Games), white-label NFT platform (RFOX NFTs), DeFi products (RFOX Finance), digital media platforms (RFOX Media and RFOX TV), and more. Its main token is RFOX, the digital asset that fuels the RFOX metaverse ecosystem and its immersive technology.

Media Contact

Ira Go

Email: ira@rfox.com

Contact: +639155500764

Dubai’s ruler and vice president Sheikh Mohammed bin Rashid Al Maktoum announced the adoption of a new law that aims to regulate virtual assets such as cryptocurrencies and NFTs.

The post Dubai establishes watchdog to regulate virtual assets under first crypto law appeared first on CryptoSlate.

His Majesty Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates and Ruler of Dubai, has signed the world’s first law on virtual assets regulation. The regulation was enacted with the goal of making Dubai a prominent actor in shaping the future of virtual assets while also encouraging responsible economic growth. Sheikh Mohammed confirmed that Dubai will play a significant role in shaping the worldwide future of virtual assets: “Today, we are engaged in shaping the global future of virtual assets.” Sheikh Mohammed emphasized that Dubai possesses all of the qualities that make it one of the most important worldwide centres for virtual assets, particularly the advanced regulatory environment. اعتمدنا اليوم في دبي أول قانون من نوعه لتنظيم الأصول الافتراضية Virtual Assets .. وأسسنا سلطة مستقلة للإشراف على تطوير أفضل بيئة أعمال في العالم للأصول الافتراضية تنظيماً وترخيصاً وحوكمةً واتساقاً مع الأنظمة المالية المحلية والعالمية .. pic.twitter.com/tqYEJdeuwh — HH Sheikh Mohammed (@HHShkMohd) March 9, 2022 “In terms of organization, governance, and security,” he continued, “Dubai will deliver the most advanced virtual asset ecosystem.” “Approving the virtual asset law and establishing the Dubai Virtual Asset Regulatory Authority is a vital step that establishes the UAE’s position in this sector… a step that aims to help the sector to grow and protect investors.” Dubai Virtual Assets Regulatory Authority (VARA) The Dubai Virtual Assets Regulatory Authority, a Dubai World Trade Centre affiliate, will be in charge of overseeing and monitoring regulations and disclosures. The Authority will oversee and regulate the emirate’s future growth of virtual assets. It would also grant virtual asset service providers licenses and safeguard beneficiaries’ personal information. Activities subject to VARA authorization are: Operating and managing virtual assets platforms services; Exchange services between virtual assets and currencies, whether national or foreign; Exchange services between one or more forms of virtual assets; Virtual asset transfer services; Virtual asset custody and management services; Services related to the virtual asset portfolio; Services related to the offering and trading of virtual tokens. The authority is also tasked with organizing and establishing the rules and controls that govern the conduct of virtual asset activities, according to the law. This covers management, clearing, and settlement services, as well as the classification and specification of virtual asset types. To conduct business, anyone intending to engage in any of the virtual asset operations must first establish a presence in Dubai. With the exception of the Dubai International Financial Centre, the law’s provisions apply across the emirate, including special development zones and free zones. Violation of this law could result in: The penalty of a fine; Suspension of the permit for a period not exceeding six months; Cancellation of the permit; and Cancellation of the commercial license. The new law and the establishment of the Authority, according to Helal Saeed Al Marri, Director General of the DWTCA, will strengthen the UAE and Dubai’s position in the virtual asset sector and attract leaders from all over the world. The Dubai Virtual Asset Regulatory Authority, according to Al-Marri, would provide a comprehensive spectrum of VA services in collaboration with the UAE Central Bank and the Securities and Commodities Authority.

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