The Virtual Asset Regulatory Authority of Dubai (VARA) has announced new guidelines on marketing cryptocurrencies in a bid to protect the community’s interests as Dubai moves ahead with a new license program for cryptocurrency service providers.
According to Gulf News, the VARA has included an extensive list of outreach activities, communications and advertising, disseminating information, building awareness, engaging with customers, soliciting investors, and other activities that are required in accordance with the regulations. It is important to note that these rules apply to all virtual asset-related communications by any entity that leverages Dubai-based media sites, search platforms, and online or offline publishing channels to target customers within the Dubai market.
Additionally, the guidelines require all Dubai licenced virtual asset service providers, including advertising platforms, to comply with a number of guidelines, including ensuring factual accuracy of their content, clearly demonstrating any promotional intent, and not misleading their customers on the guaranteed nature of their returns.
In March 2022, VARA became the world’s first and only independent regulator of virtual assets. VARA is charged with providing a progressive framework that can enable borderless economic opportunity, while maintaining market security, across the global virtual assets industry for the benefit of all involved parties.
These regulations specifically address marketing and communications activities, ahead of operationalising the MVP licensees so that any mass-market information dissemination, and consumer solicitation are designed to safeguard community interests.The statement said
VARA is responsible for the licensing and regulation of virtual assets in the emirate of Dubai and its free zones (excluding DIFC), as well as overseeing all licensing requirements and applications for authorization of virtual asset activities that are covered by UAE law.