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 Dubai’s Virtual Asset Regulatory Authority (VARA) is tightening regulations for companies marketing cryptocurrency investments. 
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<a style="color: #0000ff;" href="https://www.bloomberg.com/news/articles/2024-09-26/dubai-adopts-stricter-rules-around-marketing-crypto-investments?utm_content=crypto&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_medium=social">According</a> to a recent Bloomberg report, VARA outlined new rules requiring firms to include a disclaimer in their promotional materials.&nbsp; 
The crypto regulator emphasized that a disclaimer must be visible, stating that 
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 “virtual assets can lose some or all of their value and are highly volatile.”
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VARA CEO Matthew White highlighted that offering clear and practical guidance enables virtual asset service providers (VASPs) to “deliver their services responsibly.” He also mentioned that this approach promotes trust and transparency within the market.&nbsp; 
Furthermore, companies providing incentives for digital assets or related products within the country must obtain approval from the regulator. This measure ensures that the incentives are not misleading investors or obscuring the risks associated with their potential investments. 
The announcement comes on the heels of a recent development allowing crypto providers<a style="color: #0000ff;" href="https://www.sca.gov.ae/en/media-center/news/9/9/2024/sca-and-vara-set-regulatory-framework-for-the-uaes-virtual-assets-sector-in-boost-to-the-countrys-.aspx"> licensed</a> by VARA to extend their services across the broader UAE market. 
On September. 9, VARA and the Securities and Commodities Authority (SCA), the UAE’s federal financial regulator, <a style="color: #0000ff;" href="https://www.sca.gov.ae/en/media-center/news/9/9/2024/sca-and-vara-set-regulatory-framework-for-the-uaes-virtual-assets-sector-in-boost-to-the-countrys-.aspx">announced</a> an agreement for mutual oversight of VASPs. This agreement enables providers operating in Dubai to obtain a VARA license and automatically register with the SCA, giving them the ability to serve the entire UAE market.&nbsp; 
His Excellency Helal Saeed Al Marri, chairman of VARA’s executive board, stated that this move reflects regulatory alignment within the country and advances their vision of a secure and interoperable virtual assets ecosystem. 
Thanks to its crypto-friendly tax laws and substantial venture capital opportunities, Dubai has quickly become a top destination for crypto marketers. Bybit, which established its global headquarters in the city in 2022,<a style="color: #0000ff;" href="https://defi-planet.com/2024/09/bybit-secures-provisional-crypto-licence-from-dubais-financial-regulator/#google_vignette"> recently obtained</a> a provisional license from VARA. This license allows the exchange, the second-largest by derivatives volume, to serve retail and institutional investors, marking a significant step toward full operational approval. 
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The post <a href="https://defi-planet.com/2024/09/dubai-tightens-regulations-on-crypto-marketing-requires-approval-for-incentives/">Dubai Tightens Regulations on Crypto Marketing, Requires Approval for Incentives</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Dubai Tightens Regulations on Crypto Marketing, Requires Approval for Incentives

DeFi Planet

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