Dubai Announces Marketing And Promotion Guidelines For Digital Assets
Dubai's new regulations also encompass the publication of crypto information, awareness building, customer engagement, and investor solicitation.
Dubai’s Virtual Asset Reality Authority (VARA), the nation’s digital assets regulator, has released marketing and promotion guidelines for any entity using media sites and publishing channels in the country to promote digital assets. As per a report by Khaleej Times, VARA’s new set of guidelines look to provide a progressive framework that can enable borderless economic opportunity, without compromising market security.
The new guidelines from VARA cover all kinds of “outreach, communications, and advertising”. They also encompass the publication of information, awareness building, customer engagement, and investor solicitation.
Virtual assets service providers (VASPs) which are licenced in Dubai and any advertising platforms that are puting up virtual-asset content across media channels (traditional or new media) are obligated to ensure “factual accuracy, explicitly demonstrate any promotion intent, and in no way mislead on the guaranteed nature of their returns”.
In India, cryptocurrencies are clubbed under virtual digital assets (VDAs). As per guidelines from the Advertising Standards Council of India (ASCI), all ads featuring VDAs must carry this disclaimer: “Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.”
This disclaimer must occupy at least one-fifth of the total advertising space, and should be presented in an easy-to-read font against a plain background. In case of video ads, the disclaimer must be presented at the end against a plain background, supported with narration.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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