Among Dubai continuing to move forward with a brand new license program for cryptocurrency providers, local regulators are presenting additional advertising and marketing rules for that industry.
Dubai’s Virtual Asset Regulatory Authority (VARA), its dedicated crypto regulator, apparently announced new regulatory guidelines on marketing, advertising and promotions of virtual assets on August. 25.
Within the rules, the VARA known all types of outreach, communications and advertising, distribution of knowledge, building awareness, customer engagement, investor solicitation yet others, the neighborhood news agency Gulf News reported.
The rules cover all virtual asset-related communications and entities publishing info on Dubai-based media websites, search platforms in addition to offline and online publishing channels that concentrate on customers inside the Dubai market.
The guidelines apparently also require all local virtual asset providers (VASP), including advertising platforms, to make sure factual precision and freely demonstrate any marketing intent to prevent misleading prospective customers.
The VARA apparently noted the new guidelines connect with Dubai’s crypto-focused Minimal Viable Product (MVP) license, stating:
“These rules particularly address marketing and communications activities, in front of operationalizing the MVP licensees to ensure that any mass-market information distribution, and consumer solicitation are made to safeguard community interests.”
As formerly reported, Mike Bankman-Fried’s FTX crypto exchange was among the first companies to get VARA’s MVP license through its local subsidiary FZE in This summer 2022. The license enabled FZE to function a VASP in the area fully.
Related: Singapore MAS examines crypto firms in front of new rules: Report
VARA’s guidelines arrived with Abu Dhabi’s new intends to launch a method for blockchain and virtual assets that aligns using the country’s overall economic strategy. On August. 25, the Abu Dhabi Blockchain and Virtual Assets Committee held its first meeting to go over the process.
Established in March 2022, Dubai’s VARA accounts for licensing and controlling all VASPs within the Emirate’s special development and free zones except for the Dubai Worldwide Financial Center. The regulator is renowned for its ambitious industry regulation plans, purchasing land within the virtual reality world The Sandbox in May.
