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Dubai has once again taken action to safeguard investors and users in the crypto space by introducing the marketing regulations for Virtual Asset Service Providers (VASP).

Dubai’s Virtual Assets Regulatory Authority (VARA) introduced a “Marketing Guidance Document” to provide a clear regulatory framework for VASPs regarding their marketing tactics, which comes into effect today.

According to the press release, the 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.”

One of the aspects of new the regulatory framework introduced focuses on providing accurate marketing information. The update in the regulations also discourages crypto firms from sharing misleading information, thus, protecting consumers interests. 

The marketing regulation is applied to all entities involved in marketing virtual assets or related activities, regardless of their licensing status with VARA. 

Furthermore, the Marketing Guidance Document will provide detailed information on how to conduct compliant marketing activities in Dubai. The guidance covers several marketing topics, such as “appropriate use of language in marketing materials, disclosure requirements, and the ethical considerations that should underpin all marketing efforts.”

Matthew White, CEO of VARA, claimed, “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."