New rules govern how virtual assets are marketed in Dubai
Dubai’s Virtual Asset Regulatory Authority (VARA), with the commencement of its Minimum Viable Product (MVP) Phase, has announced Regulatory Guidelines on Marketing, Advertising and Promotions of VA across the Emirate of Dubai.
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 off-line 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.
VARA guidelines further detail the
obligations of Dubai licensed VASPs and any advertising platforms that are
positioning VA content across traditional and new-age media channels for the
Dubai market, to ensure factual accuracy, explicitly demonstrate any
promotional intent, and in no way mislead on the guaranteed nature of their
returns.
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.
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