VARA brings marketing-related regulations to Dubai, ensuring crypto firms do not mislead investors and maintain market integrity.
The Virtual Asset Regulatory Authority (VARA), Dubai’s crypto regulator, is taking a stricter approach to crypto marketing in the Emirate. Dubai and the UAE, in general, have become hubs for digital asset development by being the first jurisdictions to introduce well-thought regulations.
Now, VARA has developed the Marketing Regulations for Virtual Assets and Related Activities 2024 “to enhance the integrity and transparency of marketing practices within the virtual assets sector in Dubai,” according to a release. With that, the regulator will push firms and projects in the industry to accurately relay marketing communications, prevent the spread of misinformation, and safeguard investors. VARA’s new regulations will apply to all entities marketing crypto-related products and services in Dubai, whether registered with it or not.
“As the world’s first independent regulator for virtual assets, 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,” VARA’s CEO Matthew White mentioned. “We believe that by providing clear and actionable guidance, we can help VASPs deliver their services responsibly, while fostering greater trust and transparency in the market.”
While enforcing the regulations, VARA has also crafted a Marketing Guidance Document to act as a guide and resource for VASPs to comply with said regulations. The document will provide detailed instructions for the firms to follow, “ensuring that VASPs can navigate the regulatory landscape with confidence.”
The UAE Is Making Strides in Crypto Regulation
Recently, VARA made news for signing an agreement with the UAE’s premier financial regulator, the Securities and Commodities Authority (SCA), allowing VARA-licensed VASPs to operate across the UAE. Such measures have also pushed the UAE to become a top country for crypto, with Henley & Partners’ crypto adoption index ranking it third place.
