As Dubai moves towards a new licensing program for cryptocurrency service providers, local regulators are unveiling additional marketing and advertising rules for the industry, as reported by Cointelegraph.
According to Cointelegraph, the Dubai Virtual Assets Regulatory Authority (VARA), a cryptocurrency regulator, has announced new guidelines on virtual asset marketing, advertising and promotions. Mentioned in the rules, VARA referred to all forms of outreach, communication and advertising, information dissemination, outreach, customer engagement, investor solicitation, among others. The guidelines should cover all forms of Virtual Asset Service Providers (VASPs), including advertising platforms, ensuring factual accuracy and demonstrating promotional intent to avoid misleading customers into mistake. so that any dissemination of market information and solicitation of consumers is designed to protect the interests of the community,” VARA said in a statement.
Based on information from Cointelegraph, Cointelegraph noted that Sam Bankman-Fried’s FTX cryptocurrency exchange was one of the first companies to receive the Minimum Viable Product (MVP) license from VARA through its local subsidiary FZE. in July 2022, which allowed FZE to operate a VASP in the region completely. The new VARA guidelines have arrived with Abu Dhabi’s new plans to launch a blockchain and virtual assets strategy to coordinate with the country’s overall economic strategy. On August 25, the Abu Dhabi Blockchain and Virtual Assets Committee held its first meeting to discuss strategy.
Additionally, Cointelegraph noted that Dubai’s VARA, established in March 2022, is responsible for the licensing and regulation of all VASPs in the emirate’s free and special development zones, except from the Dubai International Financial Center. Known for its plans to regulate the industry, the regulator has purchased land in the virtual real world The Sandbox.
(With information from Cointelegraph)
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