Dubai is moving ahead with introducing a new license program for cryptocurrency service providers as local regulators introduce additional marketing and advertising rules for the industry.
Accordingly, Dubai's Virtual Asset Regulatory Authority (VARA), the city's dedicated crypto regulator, has successfully announced regulatory guidelines on the marketing, advertising and promotion of virtual assets.
In the regulations, VARA refers to all forms of outreach, namely communication and advertising, dissemination of information, building awareness, customer engagement, investor solicitation and others.
As such, the guidelines cover all communications related to virtual assets, publishing information on Dubai-based media websites, search platforms and online and offline publishing channels targeting customers in the Dubai market.
In addition to that, these rules will be subject to all local virtual asset service providers (VASP) including advertising platforms with the aim of ensuring accuracy of facts and showing any promotions carefully so that potential customers do not experience any confusion.
In particular, the rules address marketing and communications before operating MVP licensees so that any dissemination of mass market information and consumer requests is designed to protect the public interest.
As reported, crypto exchange platform FTX founded by Sam Bankman-Fried was one of the first companies to receive VARA's MVP license through its local subsidiary FZE allowing FZE to operate VASP in the region.
