UAE introduces strict crypto marketing guidelines to curb risks

UAE introduces strict crypto marketing guidelines to curb risks
фото показано с : cryptoslate.com

2024-9-26 18:00

Dubai’s Virtual Assets Regulatory Authority (VARA) announced updated marketing guidelines for firms promoting virtual assets, marking a significant step toward strengthening investor protection in the UAE.

The new rules, effective Oct. 1, will require companies to provide clear warnings about the risks associated with digital currencies.

Stricter marketing rules

The guidelines mandate that all advertisements prominently feature a disclaimer stating that virtual assets “may lose their value in full or in part” and are subject to “extreme volatility.” This approach aims to ensure that potential investors are aware of the risks before engaging in the often volatile crypto market.

VARA CEO Matthew White emphasized the importance of responsible advertising. He stated:

“By offering clear and actionable guidelines, we are supporting virtual asset service providers (VASPs) in delivering their services responsibly while building trust and transparency in the market.”

Dubai’s new regulations reflect a broader trend among global regulators seeking to address concerns over misleading crypto advertising.

Countries like Belgium, Singapore, and the UK have recently enacted similar measures. In Belgium, for example, crypto ads must carry a disclaimer warning investors of the inherent risks, while the UK has banned “refer a friend” promotions in the sector.

Firms offering incentives for crypto-related products in the UAE must now receive compliance confirmation from VARA. This ensures that promotional bonuses do not mislead or obscure the risks of investments.

UAE’s progressive approach

The UAE has emerged as a global leader in the crypto space, driven by clear regulations and the establishment of VARA in 2022, which has attracted crypto businesses and talent.

A recent Chainalysis report highlighted the UAE’s diversified crypto ecosystem, which experienced growth across all transaction sizes and received over $30 billion in crypto between July 2023 and June 2024.

The country boasts the highest DeFi adoption in the MENA region, with DEXs handling 32.4% of transactions. Institutional interest, regulatory innovation, and expanding market activity have contributed to rapid growth, making the UAE a significant player in the global crypto landscape.

The post UAE introduces strict crypto marketing guidelines to curb risks appeared first on CryptoSlate.

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