Dubai regulator issues new rules for cryptocurrency advertising

The Dubai Virtual Asset Regulation Authority (VARA) published new rules governing advertising and promotion of cryptocurrencies. According to Khaleej Times.

Under the document, marketing campaigns must not guarantee income or mislead the audience in any other way.

The regulator requires factual accuracy to protect investors in the digital assets market. The measures apply to all forms of advertising aimed at Dubai-based clients.

The regulation is augmented by stiff penalties for non-compliance with marketing rules on the Emirate’s territory.

Earlier, licenses to provide cryptocurrency services in Dubai were granted to the Bitcoin exchanges Binance, FTX, OKX and Huobi.

Earlier in 2022, authorities in the emirate passed the Virtual Assets Act and established VARA.

In May, the regulator announced the opening of its office in the metaverse of the project The Sandbox.

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