Dubai’s virtual asset regulator, the Virtual Asset Regulatory Authority (VARA), has released the rule guidelines governing the marketing and promotion of digital assets in the city. According to a Khaleej Times report, the new guidelines are a reflection of the regulator’s goal to offer a legal framework that fosters economic opportunities without jeopardising the security and functioning of the traditional market.
According to the study, the VARA principles cover “all types of outreach, communication, and advertising, including publication of information, awareness-raising, customer involvement, and/or investor solicitation.” They also cover any virtual assets used by any organisation to promote themselves to clients in Dubai, especially through media outlets and publishing channels situated in Dubai.
The research states that regulations specify the obligations of advertising platforms that position virtual assets (VAs) content across conventional and new media channels for the Dubai market, as well as virtual asset service providers (VASPs) that have been granted a licence by Dubai. Assuring factual accuracy, outlining any promotional intentions, and avoiding misrepresenting the certainty of their returns are all part of this.
The founder of KARM Legal Consultants, Kokila Alagh, commented on the publication of the VARA’s advertising guidelines by saying that they “will go a long way in ensuring that consumers get the appropriate information before forming their judgments.”
Co-founder and CMO of Crypto Oasis Faisal Zaidi said the move guarantees businesses in the digital assets field perform ethically, hence assisting in protecting customers and investors. According to Atul Hegde, the creator of YAAP, who is mentioned in the paper, the decision “augurs well for Dubai’s aims to be among the top worldwide locations for cryptos, blockchain, and the metaverse.”
Read more crypto news on Cryptoshrypto: