The Virtual Asset Regulatory Authority (VARA) released new guidelines for all crypto-related promotional activities, publishers & advertisers.
Dubai Virtual Assets Regulatory Authority (VARA) is a crypto industry regulatory body of Dubai, which was established in February 2022 to issue a crypto regime for the crypto companies to operate crypto services and make Dubai a hub of digital innovations. Recently VARA announced its customized licensing regime for crypto companies.
Recently Khaleej Times reported that Dubai Watchdog released guidelines for all crypto companies, which provide crypto services or even promote crypto-related services.
As per the announcement, the entities granted MVP licenses must design their marketing and communications activities around this priority before they can begin operations.
The issued guidelines asserted that the regulations should outreach, communications, and advertising. And also with these things, includes awareness & Investor solicitation. These measures will be applicable on all the online platforms (media, websites) which target Dubai based population.
All the media channels should precisely follow the issued guidelines, to ensure the safety of the investor’s interest in the digital sector.
As per issued guidelines, all the virtual assets promoters/publishers should ensure that all promo/ads should bear accurate information and should not mislead users about any kind of guaranteed high return investment system. These guidelines marketed another step that Dubai is moving toward becoming a leading digital innovations hub in the world.
Kokila Alagh, the founder of KARM Legal Consultants, said that the latest step taken by the VARA agency is surely a sensitive and important decision for this innovative industry.
“It is imperative for users to have accurate and full details to make an informed decision as to their VA exposure. These regulations will go a long way in ensuring that users have the needed information before making their decisions.”
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