Dubai’s Virtual Assets Regulatory Authority (VARA) has rolled out a revised list of marketing rules for virtual asset service providers (VASP) in the Emirate. These guidelines outline various aspects of how VASPs must word the services they provide to prospective clients. The ‘Marketing Guidance Document’ will become an essential resource for VASPs, providing comprehensive guidance on conducting compliant marketing activities in Dubai. These rules will apply to all licensed crypto entities based in Dubai, starting October 1st.
Any entity seeking to engage in regulated virtual asset activities and services within or from the Emirate of Dubai must apply for a Virtual Asset Service Provider licence through VARA.#VARA #DubaiRegulations pic.twitter.com/JTktevUpfz
— Virtual Assets Regulatory Authority (VARA) (@varadubai) September 13, 2024
In a statement, VARA said, “The updated regulations place a strong emphasis on the accuracy of marketing communications, the avoidance of misleading information, and the protection of consumer interests.” These guidelines focus on the language used for crypto marketing, disclosure prerequisites, and ethics that underscore all kinds of crypto messaging in Dubai.
“They apply to all entities involved in marketing virtual assets or related activities, regardless of their licensing status with VARA.”
VARA’s regulatory framework evolves with the fast-changing virtual assets landscape, addressing unique challenges while aligning with FATF standards. Focused on market infrastructure and real-world use cases, VARA supports Dubai’s leadership in the virtual assets industry.#VARA pic.twitter.com/hWvK2yd1Cu
— Virtual Assets Regulatory Authority (VARA) (@varadubai) September 16, 2024
The Marketing Guidance Document offers a fundamental base for crypto marketers in an ever-evolving and highly volatile crypto landscape. Matthew White, CEO at VARA, stressed that “VARA is dedicated to creating a regulatory environment that not only protects consumers but also supports the growth and innovation of the virtual assets sector.” Through sturdy foundational regulations like the Marketing Guidance Document, VARA accelerates the UAE’s mission to transform as a global crypto hub.
