Regal Rewards and Medals of Valor

Regal rewards become available 8 days after the creation of a new account profile. You can find the Regal Rewards by going to Merchants > Noble Society

This is kind of like a battle pass system, where there are two tiers of unlockable rewards, a basic set and a premium set which are unlocked with the Premium Pass.

The event lasts for 49 days and you'll need to collect Medals of Valor to unlock items. You can get Medals of Valor by completing some of the daily and weekly quests and the chests that you get will sometimes contains these Medals of Valor.