Virtual Asset Regulatory Authority of Dubai (VARA), which regulates Dubai’s virtual assets, has released guidelines for digital assets promotion and marketing that can be used by any entity publishing on Dubai-based media sites or channels.
These guidelines “ensure factual accuracy and clearly demonstrate any promotional intent. They also do not mislead about the guarantee nature of their returns.
The Virtual Asset Regulatory Authority (VARA), Dubai’s regulator for virtual assets, recently released guidelines governing marketing and promotion of digital assets. The guidelines are a result of the regulator’s mission, according to a Khaleej Times Report. It is designed to create a legal framework that allows for economic opportunities while protecting the security of the market.
According to the report, VARA guidelines cover “all forms outreach, communications, advertising, including publication information, awareness building and customer engagement and/or investor solicitation. They also include all virtual assets related marketing by any entity using Dubai media sites and publishing channels that target customers in Dubai.
The report also stated that guidelines further detailed the obligations of Dubai licensed VASPs (virtual asset service providers) and any advertising platforms positioning VA [virtual resources] content across traditional media channels for Dubai. This is to ensure factual accuracy, expressly demonstrate any promotional intent and in no way mislead as to the nature of their guaranteed returns.
Guidelines ensure that users have the information they need before making a decision
Kokila Alagh, founder of KARM Legal Consultants, commented on VARA’s announcement about advertising guidelines. He said that the regulations would help users make informed decisions before making any major decisions. Faisal Zaidi is the cofounder and CMO of Crypto Oasis. The announcement will ensure companies in the digital asset industry are able to act properly and protect investors and consumers.
According to the report, Atul Hegde (the founder of YAAP) describes the move as “augural for Dubai’s ambitions to be among the top global destinations for cryptocurrency, blockchain and the metaverse.
