Dubai’s VARA Updates Marketing Regs and Launches New Guidance for VASPs

cryptonews.com:

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

Dubai’s Virtual Assets Regulatory Authority (VARA) said it has updated its marketing regulations as part of its broader framework for Virtual Asset Service Providers (VASPs) operating in the Emirates. The new regulations will come into effect on October 1.

The updated regulations will be stricter and aim to avoid “misleading information” and increase transparency, and consumer protection in the marketing practices of the rapidly growing virtual assets sector in Dubai.

The centrepiece of these updates is VARA’s new “Marketing Guidance Document” which provides instructions for VASPs engaged in promoting their services within the region. The online document is designed to help VASPs navigate the regulatory landscape while ensuring that their marketing efforts meet the highest standards of accuracy, ethical conduct, and transparency, said VARA.

Updated regulations aim to prevent misleading information and prioritize the protection of consumer interests. The rules apply to all entities involved in marketing virtual assets or related activities in Dubai, regardless of their licensing status with VARA.

This means that both licensed and unlicensed entities are subject to the same marketing rules, ensuring consistent standards across the industry.

The regulations cover various aspects of marketing communications, including the proper use of language and the importance of providing full and clear disclosures.

The goal is to make sure that consumers are well-informed about the risks and opportunities associated with virtual assets. Ethical marketing is a core