The Virtual Assets Regulatory Authority (Vara) on Thursday announced an update to its marketing regulations, aimed at strengthening the regulatory framework for virtual asset service providers (VASPs) operating in the emirate.
Alongside these updates, Vara has introduced a comprehensive marketing guidance document to provide clear and actionable insights for VASPs engaging in marketing activities within the region. The new regulations will come into effect on October 1.
Marketing regulations for virtual assets and related activities 2024 are designed to enhance the integrity and transparency of marketing practices within the virtual assets sector in Dubai. The updated regulations place a strong emphasis on the accuracy of marketing communications, the avoidance of misleading information, and the protection of consumer interests. They apply to all entities involved in marketing virtual assets or related activities, regardless of their licensing status with Vara.
Recognising the need for clear and consistent guidelines, Vara has also issued a new marketing guidance document that will serve as a vital resource for VASPs. This document provides detailed instructions and best practices on how to conduct compliant marketing activities in Dubai, ensuring that VASPs can navigate the regulatory landscape with confidence. The guidance covers a range of topics, including the appropriate use of language in marketing materials, disclosure requirements, and the ethical considerations that should underpin all marketing efforts.
“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,” said Matthew White, CEO of Vara. “Our updated marketing regulations and the newly issued guidance document reflect our commitment to maintaining Dubai’s position as a global leader in digital finance. 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.”
Source: www.khaleejtimes.com