Dubai’s Virtual Asset Regulatory Authority (VARA), the city’s dedicated crypto regulator, reportedly announced new regulatory guidelines on marketing, advertising, and promotions of virtual assets on Aug. 25.
The new rules by the regulator referred to all forms of outreach, communications and advertising, dissemination of information, building awareness, customer engagement, investor solicitation, and others.
The guidelines cover all virtual asset-related communications and entities publishing information on Dubai-based media websites, search platforms as well as online and offline publishing channels that target customers within the Dubai market.
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The rules reportedly also require all local virtual asset service providers (VASP), including advertising platforms, to ensure factual accuracy and openly demonstrate any promotional intent to avoid misleading potential customers.
The VARA reportedly noted that the new guidelines relate to Dubai’s crypto-focused Minimal Viable Product (MVP) license.
VARA’s guidelines came along with Abu Dhabi’s new plans to launch a strategy for blockchain and virtual assets that aligns with the country’s overall economic strategy. On Aug. 25, the Abu Dhabi Blockchain and Virtual Assets Committee held its first meeting to discuss the strategy.
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