How to Obtain a Metaverse Service License in Dubai

The Metaverse is engulfing the entire planet! When Facebook rebranded to ‘Meta’ to show their strong conviction in Metaverse and how seriously they took it, it caused quite a stir. Many major firms have entered the fray in order to launch their goods and services in this segment. The word “Metaverse” is still ambiguous and open to interpretation. It is unclear which path it will pursue or how it will play out. Businesses and consumers view this as a chance to establish and build a new parallel universe where the laws and constraints of everyday life may not be applicable. To indulge in the metaverse from UAE, one would require a metaverse service license. Since you are reading this blog, we can only assume that you are interested in it too. So read along to know How to Get a Metaverse Service License in Dubai.

 

What is Metaverse?

 

The metaverse is simply a collection of virtual worlds where users may interact with one another, play games, communicate, and buy things. The metaverse is a permanent, three-dimensional online ecosystem that merges many virtual areas where individuals may work, socialize, commerce, play, and even create. It is assumed to be the future of the internet. It thoroughly immerses the user in the virtual environment by utilizing advanced virtualization and technologies (AR, VR, Haptic Sensors, and so on). This implies that users may engage with an environment that is constantly there and can access it at any time.

Want to know more about the Metaverse? Contact our experts today!

 

How to Get Started?

 

• Define your Visual Configuration – Create a 3D environment for your brand that may be utilized across several metaverse platforms under your creative control.
• Go Live – Start by constructing your metaverse on your own website, where you already have first-party consumer information. The Obsess platform enables comprehensive e-commerce integrated interactive shopping features for actual products and NFTs in your virtual store.
• Publish in Other Metaverse Apps – Discover which metaverse websites have the most readers that are interested in your brand. Develop and adapt your virtual store to make it suitable for such platforms.
• Apply for a Metaverse License – Once you’ve chosen how and when you want to start your business in Dubai, the next step is to acquire your metaverse license in Dubai. A reliable business setup organization, like A&A Associate, can help you streamline the whole process, from early planning to obtaining a Metaverse Service License in Dubai from the regulatory body, so that you may easily begin your metaverse firm.

 

Also read, business setup in UAE.

 

Metaverse Service License

There are numerous Metaverse-related possibilities for businesses all over the world, but determining the most pertinent approach for your company is the key to success. The metaverse provides an interesting platform for companies, from virtual property investment and development to developing customized consumer experiences.

The Dubai Virtual Assets Regulatory Authority (VARA) monitors the virtual assets market in Dubai and implements a set of rules and procedures to govern how these assets are traded. It will offer a broad range of services in collaboration with the UAE Central Bank and the Securities and Commodities Authority. It is in charge of organizing and establishing the rules and regulations for executing virtual asset-related activities such as management services, clearing and settlement services, and categorizing and specifying virtual asset kinds.

VARA’s responsibilities include the following:

• coordinating the creation and exchange of virtual assets and virtual tokens
• regulating and authorizing virtual asset service providers
• providing the highest standards of protection for beneficiaries’ personal data
• operating virtual asset platforms and portfolios 
• monitoring transactions and combating virtual asset price manipulation

NFTs (non-fungible tokens) are virtual assets in the metaverse that may be bound to exist in financial regulatory frameworks. It is critical to note that this license does not authorize crypto asset trading or the production and issue of exchange-tradable tokens.

Call us now to talk about getting your Metaverse Service License in Dubai.

 

Metaverse Services Provider

 

The Metaverse service providers will serve as a medium for individuals to collaborate, grow, and strengthen their global network. Firms that build and operate digital virtual environments that allow simulated interactions between persons are not authorized to issue tokens that are traded on exchanges or trade in crypto commodities.

  

Benefits of starting Metaverse service in Dubai

 

Metaverse service is probably going to be the next big thing in business and brings with it a plethora of novelties and gains:

• Can pioneer new forms of advertising.
• Improved process development and team collaboration.
• Finding new possibilities is straightforward.
• New methods to engage with customers.
• Display and sell things with ease.
• Transactions are simpler and faster using e-wallets and cryptocurrencies.

Also read, why a mainland business is right for you.

 

How UAE is adapting to Metaverse

 

The United Arab Emirates has opened the world’s first metaverse government customer service center. The UAE Ministry of Health and Prevention revealed the development at the international expo Arab Health and Medlab Middle East 2022 in Dubai. Seven policemen from the Al Nuaimaiah police station were taught metaverse technology, including how to utilize VR glasses and headsets. The system was evaluated locally to determine its viability. The head of Ajman Police’s media relations team, Mr. Maj Noura Sultan Al Shamsi was found quoting “This was a trial but having proved successful, officers will continue to meet residents virtually”.

Dubai’s economy is highly promising, and investors are interested in operating in the Metaverse industry in Dubai. In Dubai, several businesses have already made the switch to the Metaverse realm. Dubai has always been one step ahead since its policies are more focused on offering business and other possibilities through innovation. The Dubai government’s new laws will boost investor trust in these.

The demand for online assets is growing, with consumers able to purchase and sell digital things in exchange for real-world money. Chances are created for individuals who create digital assets, as well as those who acquire and sell them. But what about the cost involved in Obtaining a Metaverse license in Dubai? 

 

Cost of Obtaining a Metaverse license in Dubai

 

The total cost involved in establishing a metaverse license in Dubai ranges between 15,000 to 27,000 AED. This includes the cost incurred for Tasheel preapproval, foreign trade, and local agent costs among others. Since this is a relatively new concept and the world is still wrapping its head around the concept, the costs associated are subject to change with new regulations.

 

 A&A Associate is a leading business setup company in UAE that can help to immediately set up your metaverse license for the starting cost of 15,000 AED. 

 

Get in touch with our experts to discuss your metaverse ideas.