Dubai: From October 1, new rules on marketing will come into effect for virtual asset service providers (VASP) in Dubai, which will govern all aspects of how they message the services they provide. These were issued by Dubai's Virtual Assets Regulatory Authority (VARA).
Recognising the need for clear and consistent guidelines, The new 'Marketing Guidance Document' will 'serve as a vital resource for VASPs', offering detailed instructions on how to conduct compliant marketing activities in Dubai. And ensure 'VASPs can navigate the regulatory landscape with confidence'.
The guidance covers the use of language in marketing materials, disclosure requirements, and the ethical considerations that should underpin all marketing efforts.
"The updated regulations place a strong emphasis on the accuracy of marketing communications, the avoidance of misleading information, and the protection of consumer interests," said VARA in a statement.
"They apply to all entities involved in marketing virtual assets or related activities, regardless of their licensing status with VARA."
Investors holding crypto assets have soared in recent times, with Bitcoin obviously fetching the most interest. Beyond trading and investment platforms, there are those crypto focused entities that provide more sophisticated services. What VARA has done with the new marketing guideline is create a standardised approach that licensed entities must adhere to on their messaging.
VARA has multiple licenses that interested entities can apply for, depending on which category or categories they want to operate in. Last year, it had set deadlines for VASPs to subscribe and be properly licensed.
"VARA is dedicated to creating a regulatory environment that not only protects consumers but also supports the growth and innovation of the virtual assets sector,” said Matthew White, CEO at the regulator.
The guidance covers the use of language in marketing materials, disclosure requirements, and the ethical considerations that should underpin all marketing efforts.
