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The Dubai Virtual Asset 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 aimed at residents of the emirate.
The new rules reportedly require all local virtual asset service providers (VASPs), including advertising platforms, to ensure the accuracy of the facts and openly display any advertising intent so as not to mislead potential customers:
"The rules relate to marketing and communication activities and aim to ensure that any dissemination of information to the mass market and the attraction of consumers are in the public interest."
VARA is a relatively young regulator of Dubai, the most open region of the United Arab Emirates to foreigners.The authority was established at the beginning of the year with the aim of controlling the NFT and cryptocurrency market, as well as monitoring the protection of users' personal data.In addition, the regulator is obliged to monitor cryptocurrency platforms and digital wallets.
Earlier, the Dubai authorities announced their intention to make the emirate one of the most advanced regions in terms of the level of development of the metaverse. Officials have developed
a strategy providing for the creation of more than 40 000 virtual jobs by 2030.
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