- These guidelines apply to all Virtual Assets Service Providers (VASPs) in the area.
- The objectives of the VARA apply to all kinds of outreach.
Cryptocurrencies were always intended be utilized widely. Many large organizations and countries have publicly stated their support for cryptocurrency. In particular, Dubai has been on the rise as a hub for the cryptocurrency sector. From the governments keen interest in the metaverse to the legal clearance given to a number of crypto firms to open business up.
Much Needed Regulations
It’s no secret that crypto enthusiasts flock to Dubai. While it is important for governments to open doors for business. However, it is also important for them to be aware of fraudulent enterprises. With this in mind, the Virtual Asset Regulatory Authority (VARA) issued regulations for the promotion and advertising of cryptocurrencies.
A recent report claimed that VARA has published guiding regulations for the advertising, marketing, and promotion of virtual assets in Dubai. Moreover, the goal of the platform is to provide a legal framework that protects users without stifling creativity or economic growth. Virtual Assets Service Providers (VASPs) in the region are governed by these rules.
According to the report,
“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.”
Furthermore, the objectives of the VARA apply to any kind of outreach, whether it be for the purpose of raising awareness, attracting investors, interacting with customers, or any other purpose.
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