Dubai regulator approves rules for advertising crypto projects

The guidelines issued by VARA require materials to be factually accurate and prohibit misleading investors about returns

30.08.2022 - 10:25

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1 min

What’s new? Dubai’s Virtual Asset Regulatory Authority (VARA) has approved guidelines for the advertising of cryptocurrencies and related products within the Emirate. The rules require factual accuracy from advertising materials published by licensed digital asset providers and also prohibit misleading investors about the returns of projects.

Material by Gulf News

What else is known about the initiative? The guidelines cover all forms of advertising and communications, as well as any online or offline channels of information dissemination aimed at customers of the Dubai market. VARA representatives stressed that the measure is aimed at protecting the interests of the community.

In May, VARA announced the creation of its virtual headquarters in The Sandbox metaverse.

According to an April study by Toluna, 33% of UAE residents invested in cryptocurrencies, while another 18% planned to invest in digital assets.

In July, the Prince of Dubai, Sheikh Hamdan bin Mohammed, unveiled a strategy for the development of blockchain technologies and metaverses. According to the plan, 40 000 virtual jobs will be created by 2027 and the number of crypto companies will increase by 500%.

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