Amid Dubai moving forward with a new license program for cryptocurrency service providers, local regulators are introducing additional marketing and advertising rules for the industry.
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.
In the rules, the VARA referred to all forms of outreach, communications and advertising, dissemination of information, building awareness, customer engagement, investor solicitation and others, the local news agency Gulf News raportate.
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.
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, stating:
„Aceste reglementări se adresează în mod specific activităților de marketing și comunicare, înainte de operaționalizarea licențiaților MVP, astfel încât orice diseminare de informații pe piața de masă și solicitarea consumatorilor să fie concepute pentru a proteja interesele comunității.”
As previously reported, Sam Bankman-Fried’s FTX crypto exchange was one of the first companies to receive VARA’s MVP license through its local subsidiary FZE in July 2022. The license enabled FZE to operate a VASP in the region fully.
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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 a avut loc its first meeting to discuss the strategy.
Established in March 2022, Dubai’s VARA is responsible for licensing and regulating all VASPs in the Emirate’s special development and free zones with the exception of the Dubai International Financial Centre. The regulator is known for its ambitious industry regulation plans, purchasing land in the virtual reality world The Sandbox în Mai.
Source: https://cointelegraph.com/news/dubai-issues-crypto-marketing-rules-to-better-protect-investors