Dubai's new Virtual plus regulatory authority needs more clarity and transparency from trade marketers and promoters to protect investors.
Amid port moving forward with a brand new license program for cryptocurrency service suppliers, native regulators square measure introducing further selling and advertising rules for the trade.
Dubai’s Virtual plus regulatory authority (VARA), the city’s dedicated crypto regulator, reportedly announced new regulative guidelines on the selling, advertising and promotions of virtual assets on weekday.
In the rules, the VARA observed all varieties of reach, communications and advertising, dissemination of information, building awareness, client engagement, capitalist solicitation and others, the native press association Gulf News reported .
The guidelines cowl all virtual asset-related communications and entities business enterprise info on Dubai-based media websites, search platforms similarly as on-line and offline publishing channels that concentrate on customers among the port market.
The rules reportedly conjointly need all native virtual plus service suppliers (VASPs), as well as advertising platforms, to confirm factual accuracy and brazenly demonstrate any promotional intent to avoid deceptive potential customers.
The VARA reportedly noted that the new pointers relate to Dubai’s crypto-focused lowest Viable Product (MVP) license, stating:
“These regulations specifically address marketing and communications activities, ahead of operationalizing the MVP licensees so that any mass-market information dissemination, and consumer solicitation are designed to safeguard community interests.”
As previously reported, sam Bankman-Fried’s FTX crypto exchange was one in all the primary firms to receive VARA’s most valuable player license through its native subsidiary FZE in July 2022. The license enabled FZE to work a VASP within the region.
( Helen Partz, Cointelegraph, 2022 )