Regulations for the marketing, advertising, and promotion of virtual assets have been released by Dubai’s Virtual Asset Regulatory Authority (VARA). On August 25, the city’s specific cryptocurrency regulator made the announcement.
The regulations apply to all forms of outreach, communications and advertising, information dissemination, awareness-raising, customer engagement, investor solicitation, and others, according to the local news source, Gulf News. In order to avoid misleading potential customers, the guidelines mandate that all local virtual asset providers, including advertising platforms, maintain factual accuracy and disclose any promotional intent. The regulations apply to all virtual asset-related communications and organizations that publish information on media websites, media search engines with a Dubai presence, and other online and offline channels that cater to the Dubai market.
The new regulations for the nation’s cryptocurrency-focused Minimum Viable Product (MVP) license, according to the regulator. It states:
These regulations specifically address marketing and communications activities ahead of operationalizing the MVP licensees so that any mass-market information dissemination and consumer solicitation are designed to safeguard community interests.
Also, it said:
The principles are supplemented by rigid enforcement standards and penalties for non-compliance that collectively provide market confidence ahead of MVP operations, as they augment marketing, data protection, and consumer protection laws that have been well embedded across the UAE.
VARA, which was founded in March 2022, is the only independent regulator for digital assets in the world and has the responsibility of establishing a forward-thinking framework that can enable borderless economic opportunity without jeopardizing market security. The licensing and management of the digital asset market in Dubai and its free zone regions is also the responsibility of VARA. According to United Arab Emirates law, it is in charge of licensing specifications and requests for authorization of digital asset activities.
Only a few days have passed since Abu Dhabi unveiled a new strategy for blockchain technology and virtual assets that is consistent with its overall economic strategy. On August 25, the Abu Dhabi Blockchain and Virtual Assets Committee held its first-ever meeting to talk about its new strategy.
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