Dubai, one of the United Arab Emirates, issues new crypto promotion and advertising rules to better protect investors.
- Dubai issues rules for crypto promotion
- He says he wants more clarity and transparency from broadcasters.
- It seeks to further protect cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. investors.
Dubai, an emirate city in the United Arab Emirates well known for its sumptuous architecture and luxurious commerce, has been working all this year on crypto regulations, in order to attract traders and investors in the area.
In March, Sheikh Mohammed bin Rashid Al Maktoum, head of the emirate of Dubai, announced the implementation of a law on virtual assets: “The future belongs to those who design it. Today, through the Virtual Assets Act, we seek to participate in the design of this new and rapidly growing global sector. Our move is a leap into the future aimed at developing this sector and protecting all investors in it…. And the future is more beautiful… complete… and better, God willing”.
The legislation created a crypto supervisory body In addition, they started a series of licenses to the exchanges. And not only that: recently also Dubai announced its plans with the metaverse a metaverse is a digital universe that contains all the aspects of the real world, such as real-time interactions and economies. It offers a unique experience to end-users. .
Now, theAutoridad Reguladora de Activos Virtuales de Dubái (VARA), the city’s dedicated crypto regulator, announced new regulatory guidelines on marketing, advertising and promotions of virtual assets on Aug. 25, according to report by Cointelegraph.
In the rules, VARA referred to all forms of outreach, communications and publicity, information dissemination, awareness raising, client a client is software that can access and process blockchain transactions on a local computer. A common application of this is a cryptocurrency software wallet. engagement, investor solicitation and others.
The guidelines cover all communications relating to virtual assets and entities publishing information on Dubai-based media websites, search platforms and online and offline publishing channels that target customers within the Dubai market.
As reported by Cointelegraph, the rules also require all local virtual asset service providers (VASPs), including advertising platforms, to ensure factual accuracy and openly demonstrate any promotional intent to avoid misleading potential customers.
In addition, VARA noted that the new guidelines relate to the licensing of Minimum Viable Product (MVP) crypto-focused Dubai. In this regard, he said:
“These regulations specifically address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. marketing and communications activities, before putting MVP licensees in place so that any mass market an area or arena, online or offline, in which commercial dealings are conducted. information dissemination and consumer solicitation are designed to safeguard the interests of the community.”
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