Digital asset marketing and promotion standards that apply to any company using Dubai-based media sites and publishing channels.
The standards will maintain factual accuracy, clearly disclose any promotional aim, and will not mislead customers about the guaranteed nature of their returns.
Dubai's virtual asset regulator, the Virtual Asset Regulatory Authority (VARA), has set standards for digital asset marketing and promotion. According to a media outlet report, the standards reflect the regulator's aim of providing a legislative framework that promotes economic possibilities while safeguarding market security.
As per the report, the VARA standards cover all types of outreach, communications, and advertising, such as information dissemination, awareness development, customer involvement, and/or investment solicitation. They also cover any virtual assets used in marketing by any firm that utilizes Dubai-based media sites and publishing methods to reach clients in Dubai.
The report added: “The standards also outline the responsibilities of Dubai-licensed VASPs and any advertising platforms that place virtual asset content across conventional media and new-age media channels for the Dubai market, to ensure factual accuracy, explicitly demonstrate any promotional intent, and not mislead on the guaranteed nature of their returns.”
In response to the VARA's announcement of advertising standards, Kokila Alagh, the founder of KARM Legal Consultants, stated that the standards will go a long way toward ensuring that users have the necessary information before making their selections. According to Faisal Zaidi, co-founder and CMO of Crypto Oasis, the announcement assures that enterprises in the digital assets market act appropriately, therefore protecting customers and investors.
The report cites Atul Hegde, the creator of YAAP, as saying that the move bodes well for Dubai's aim to be one of the top worldwide locations for cryptos, blockchain, and the metaverse.