The Dubai Virtual Assets Regulatory Authority (VARA) has announced the release of new regulations for the marketing, promotion and advertising of virtual assets.
The rules apply to all media resources based in Dubai – websites, search platforms, offline publication channels targeted at residents of the emirate.
The new rules reportedly require all local virtual asset service providers (VASPs), including advertising platforms, to ensure factual accuracy and to openly display any advertising intent so as not to mislead potential customers:
“The rules relate to marketing and communication activities and are aimed at ensuring that any dissemination of information in the mass market and the involvement of consumers is in line with the protection of the public interest.”
VARA is a relatively young regulator in Dubai, the most open region of the United Arab Emirates to foreigners. The Authority was established at the beginning of the year to control the NFT and cryptocurrency market, as well as to monitor the protection of users’ personal data. In addition, the regulator is obliged to monitor cryptocurrency platforms and digital wallets.
Earlier, the authorities of Dubai announced their intention to make the emirate one of the most advanced regions in terms of the development of the metaverse. Officials have developed a strategy to create more than 40,000 virtual jobs by 2030.
Source: Bits
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