The Dubai virtual assets regulator, the Virtual Asset Regulatory Authority (VARA), has unveiled digital assets marketing and promotion guidelines that are applicable to any entity using Dubai-based media sites and publishing channels. The guidelines will “ensure factual accuracy, explicitly demonstrate any promotional intent, and in no way mislead on the guaranteed nature of their returns.”
Guidelines Applicable to Dubai Licensed VASPs
Dubai’s regulator of virtual assets, the Virtual Asset Regulatory Authority (VARA), recently announced the guidelines governing the marketing and promotions of digital assets. According to a Khaleej Times report, the guidelines reflect the regulator’s mission to provide a legal framework that brings economic opportunities without compromising the market’s security.
Sheikh Al Maktoum, UAE’s prime minister launched VARA on March 9, 2022.
As per the report, the VARA guidelines encompass “all forms of outreach, communications and advertising, including publication of information, awareness building, customer engagement, and/or investor solicitation.” They also extend to all virtual assets related to marketing by any entity using Dubai-based media sites and publishing channels that specifically target customers in Dubai.
The report added: “Guidelines further detail the obligations of Dubai licensed VASPs [virtual assets service providers] and any advertising platforms that are positioning VA [virtual assets] content across traditional and 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.”
Guidelines Ensure Users Get Needed Information Before Making a Decision
Remarking on the VARA’s advertising guidelines announcement, Kokila Alagh, the founder of KARM Legal Consultants said the “regulations will go a long way in ensuring that users have the needed information before making their decisions.” Faisal Zaidi, the co-founder and CMO at Crypto Oasis said the announcement ensures companies in the digital assets industry act appropriately thus helping protect consumers and investors.
Atul Hegde, the founder of YAAP is quoted in the report describing the move as one that “augurs well for Dubai’s ambitions of being among The top global destinations for cryptos, blockchain, and the metaverse.”
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Terence Zimwara
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