Dubai is moving forward in the crypto market with a successful licensing program for crypto service providers. As a result, regulators are implementing new industry’s marketing and advertising rules that will have an impact on everyone involved in Dubai’s crypto industry. The drafted rules, designed to regulate the advertising of cryptocurrencies, have been published by VARA, the Dubai Virtual Assets Regulatory Authority.
According to the published document, marketing campaigns no longer have the right to promise users that they will allegedly receive income from cryptocurrency-related activities. After all, it is not always true. Advertising in any case should not deceive the audience. The VARA’s rules apply to all forms of relevant dissemination of information relating to the cryptosphere, advertising, awareness raising, public awareness raising, various communications , customer interactions, etc.
The established principles cover all messages related to virtual assets and apply to all organizations that publish information related to cryptocurrency on search platforms of the Emirates Capital, media websites, in various online and offline channels focused on clients in the Dubai crypto market. The regulator requires participants to provide exceptional accuracy and truthfulness of information to protect the investors in the digital asset market. For violation of the above rules, the authorities provide for heavy fines.
As you know, such famous bitcoin exchanges as FTX, Binance, OKX, and Huobi have previously received licenses to provide cryptocurrency services in Dubai.
At the beginning of this year, the authorities passed a special law regarding the regulation of activities related to virtual assets. Dubai has established a virtual asset regulator, VARA. In May, the regulator announced the opening of an office in The Sandbox Metaverse.
