World’s first independent regulator for virtual assets, Virtual Assets Regulatory Authority (“VARA”) has announced regulatory guidelines relating to marketing, advertising and promotions related to virtual assets (“Marketing Regulations”).
These guidelines were issued by VARA in furtherance of its commitment to a responsible future economy and applies to all marketing, promotions and advertisements which relate to Virtual Assets(“VA”) or VA, Activities in the Emirate, for e.g. – communications, publication of data, social media posts and will extend to all VA related communications by any entity or individual(s) that facilitates the relevant virtual assets services(s) as defined in the Dubai Virtual Asset Law. It also applies to to VA or VA Activities, in exchange for any form of remuneration or value in kind [VIK] offer for the service, and such content must be clearly indicated to have been paid for.
These regulations will further apply to all the entities that cater for targeting residents and/or within the Emirate or UAE, in relation to VA activities irrespective of whether they are licensed by VARA or not. Guidelines also detail the obligations of Dubai’s licensed Virtual Asset Service Providers and any advertising platforms that are positioning virtual assets across the Dubai market. These guidelines are further supplemented with strict compliance requirements in order to prevent any misleading and to ensure factual accuracy.
With an aim to ensure strict compliance of these regulations, VARA has also issued rigid enforcement standards and penalties for non-compliance of these marketing regulations.
Alpha Comments: “We believe it’s a great initiative by the Government, since customers trusts starts building from these Advertisements therefore, these guidelines will prevent any scams to mislead people and will ensure security while giving room for innovation. “
ABOUT THE FIRM
Alpha Partners FZCO (‘AP Dubai’) is a multidisciplinary consultancy firm with its principal office in Dubai (UAE) and associate offices in NCR of Delhi. Focused on providing holistic services to deliver exceptional client experience, AP Dubai caters to multinational companies doing business in and from the UAE / MENA and India. With wide-ranging experience, AP Dubai has advised clients on commercial transactions including projects, regulatory & compliance, funds & investments, labour & employment, real estate, tax and multi jurisdictional dispute resolution. Through its wide network of lawyers, accountants, tax advisers, investment bankers, and valuation agencies; ARP assists its clients across multiple jurisdictions, thus preferred for being a one-stop solution firm.
AP Dubai has been at the forefront for various types of consultancy services for its Indian as well as multinational clients from multiple sectors, including e-commerce & retail, agro-tech & food, start-ups, healthcare, IT/ ITES, lifestyle & hospitality, import/export, real estate & constructions, media & communications, sports & management consulting, manufacturing, infrastructure, BSFI, FMCG, amongst others.
For further information, please contact:
Akshat Vikram Pande, Partner, Alpha Rajan & Partners
akshat@alpha-partners.org
