Dubai’s virtual assets regulator, the Virtual Assets Regulatory Authority (VARA), has released digital assets marketing and promotion guidelines applicable to any entity using Dubai-based media and publication sites. The instructions “verify the accuracy of the facts, clearly state any promotional intent, and in no way misrepresent the guaranteed nature of their return.”
Guidelines applicable to Dubai licensed VASPs
Dubai’s virtual assets regulator, the Virtual Asset Regulatory Authority (VARA), recently announced guidelines to regulate the marketing and promotion of digital assets. According to The College Times, the directive reflects the regulator’s mission to provide a legal framework that creates economic opportunities without compromising market safety.
According to the report, VARA’s guidelines include “all forms of outreach, communication and advertising, including information publication, awareness raising, customer engagement and/or investor solicitation.” They also extend all virtual assets related to marketing by any entity using media sites in Dubai and print sites specifically targeting customers in Dubai.
The report added: “The guidelines detail the obligations of Dubai licensed VASPs. [virtual assets service providers] And any advertising platforms VA placement [virtual assets] Content on traditional and new age media channels in the Dubai market, to ensure factual accuracy, clearly display any promotional intent and in no way misrepresent the guaranteed nature of their returns.
Guidelines ensure that users get the necessary information before making a decision
“The rules will go a long way in ensuring that consumers have the information they need before making a decision,” said Kokila Alag, founder of KARM Legal Consultants, in the announcement of VARA’s advertising guidelines. Faisal Zaidi, co-founder and CMO at Crypto Oasis, said the announcement will help companies in the digital assets industry protect consumers and investors in an appropriate manner.
Atul Hegde, founder of YAAP, stated in the report that “Dubai is well positioned to become a global destination for cryptos, blockchain and the metaverse.”
What do you think about this story? Let us know what you think about this in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Editorial Photo Credit: Sanoop.cp/ Shutterstock.com
DisclaimerThis article is for informational purposes only. It is not an offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the Author shall be liable, directly or indirectly, for any damages or losses arising out of the use of or reliance on any content, goods or services referred to in this paragraph.