Dubai releases crypto marketing rules to better protect investors

Dubai's new Virtual Asset Regulatory Authority demands more clarity and transparency from marketers and promoters to protect investors.

As Dubai moves forward with a new licensing program for cryptocurrency service providers, local regulators are introducing additional marketing and advertising rules for the sector.

The Dubai Virtual Assets Regulatory Authority (VARA), the city's dedicated crypto regulator, reportedly announced new regulatory guidelines on virtual asset marketing, advertising and promotions on August 25.< /p>

In the rules, VARA referred to all forms of outreach, communication and advertising, information dissemination, outreach, customer engagement, investor solicitation and the like, the report reported. local news agency Gulf News.

The guidelines cover all communications related to virtual assets and entities posting information on Dubai-based media websites, search platforms as well as online and offline publishing channels that target customers in the Dubai market.

The rules would also require all local virtual asset service providers (VASPs), including advertising platforms, to ensure factual accuracy and openly demonstrate any promotional intent to avoid misleading potential customers.

VARA reportedly noted that the new guidelines relate to Dubai's crypto-focused Minimum Viable Product (MVP) license, stating:

“These regulations relate specifically to marketing and communications activities, before operationalizing MVP licensees so that any mass market information dissemination and consumer solicitation is designed to protect the interests of the community."

As previously reported, Sam Bankman-Fried crypto exchange FTX was one of the first companies to receive the MVP license from VARA through its local subsidiary FZE in July 2022. The license allowed FZE to operate fully a VASP in the area.

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