A new guideline on Advertising and Promotions of Virtual Assets has been launched by the Dubai Virtual Asset Regulatory Authority (VARA).
The guidelines, according to the VARA requires all licensed Virtual Assets Service Providers to ensure that their contents are factual, and and and and and and accurate, explicitly demonstrate any promotional intent, and in no way mislead on the guaranteed nature of their returns.
This guideline also applies to advertising platforms that are positioning Virtual Assets.
According to a report by ‘Laraontheblock’, “The new VARA 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.
“Regulations on Marketing, Advertising, and Promotions of Virtual Assets cover all forms of outreach, communications, and advertising, including publication of information, awareness building, customer engagement, and/or investor solicitation.
VARA rules extend to VA-related communications by any entity leveraging Dubai-based media sites, search platforms, and online or offline publishing channels that explicitly target customers within the Dubai market, establishing guardrails on permissible audience segments, in addition to content obligations.
Equally all content dissemination channels operating from Dubai are obligated to act responsibly and ensure compliance with prevailing Guidance as it pertains to VA communications facilitated via their platforms.
The principles are supplemented by rigid enforcement standards and penalties for non-compliance that collectively provide market confidence ahead of MVP operations, as it augments marketing, data protection, and consumer protection laws that have been well embedded across the UAE.” the report said.