The digital asset regulating body of Dubai has announced marketing, advertising, and promotion rules for the cryptocurrency.
Khaleej Times reported this month that Dubai’s Virtual Asset Regulatory Authority (VARA) commenced operations for its tailored licensing regime, coinciding with the start of the Minimum Viable Product (MVP) phase.
According to the notice, the protection of community interests is the first priority for any solicitation of consumers or broadcast of mass-market information. Before commencing operations, the laws stipulate that firms awarded MVP licenses must plan their marketing and advertising efforts around this objective.
The notice further highlighted that these laws apply to all types of outreaches, advertising, and communication. This also comprises awareness development, client interaction, and/or investment solicitation, in addition to the general dissemination of information.
It also clarified which entities were subject to the regulations. This includes any organization that utilizes Dubai-based media sites, search engines, and online or offline publication methods, as well as anybody who targets Dubai-based clients specifically. In the second scenario, responsible organizations must also define boundaries for authorized audience segments in addition to fulfilling their content responsibilities.
Additionally, the notification emphasized that all material dissemination platforms based in Dubai must verify compliance with the current guidelines.
The standards impose additional requirements on Dubai-licensed VASPs and advertising platforms that place VA material to ensure factual accuracy, clearly explain any promotional aim, and in no way mislead about the nature of their promised returns.
The rules represent the next stage in Dubai’s ambitions to establish itself as a worldwide bitcoin powerhouse.