Dubai Regulator Announces Virtual Assets Marketing and Advertising Guidelines – The Virtual Asset Regulatory Authority (VARA), Dubai’s virtual asset regulator, recently released the rules governing the marketing and promotion of digital assets. The regulations, according to a Khaleej Times report, reflect the regulator’s goal to offer a legal framework that fosters economic opportunities without jeopardizing the security of the market.
The VARA guidelines cover all types of outreach, communications, as well as advertising, including publication of information, awareness raising, customer involvement, and investor solicitation, according to the report. They also cover any virtual assets used by any organization to market towards customers in Dubai specifically through media outlets and publishing channels situated in Dubai.
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The report added: “Guidelines further detail the obligations of Dubai licensed virtual assets service providers as well as any advertising platforms that are positioning virtual assets content across traditional and even new-age media channels for the Dubai market, to ensure factual accuracy, explicitly demonstrate any promotional intent, and in no way mislead on the guaranteed nature of their returns.”
Kokila Alagh, the founder of KARM Legal Consultants, commented on the VARA’s introduction of its advertising standards, saying that the “regulations will go a long way in ensuring that users have the relevant information before making their decisions.”
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The move, according to Crypto Oasis co-founder and CMO Faisal Zaidi, assures businesses in the digital assets sector behave ethically, hence assisting in protecting customers and investors. The decision “augurs well for Dubai’s aims to be among the top worldwide locations for cryptos, blockchain, and the metaverse,” according to Atul Hegde, the creator of YAAP, who is quoted in the report.
