Dubai has been demonstrating strong interest and dedication to the adoption and expansion of cryptocurrencies in the state. To achieve this, Dubai has been making the necessary moves to streamline the crypto-blockchain technology.

New License Program Plus Advertising and Market Rules

For the expansion and streamlining of the cryptocurrency and blockchain sector, Dubai is determined to introduce a new license program.

The license program to be introduced is for the service providers providing services in cryptocurrencies.

In addition to the new license program, the local regulatory authorities in Dubai are also planning to introduce additional rules. These rules will provide guidelines and set limitations for the advertising and marketing sectors of the cryptocurrency industry.

VARA Made the Announcement

It was the Virtual Asset Regulatory Authority (VARA) of Dubai that announced the introduction of the new license program plus the new rules.

The VARA has been dedicated by the government of Dubai to ensure that the cryptocurrency and blockchain sector in the state is regulated and managed well.

It is the duty of the VARA to ensure that all necessary steps and procedures are followed prior to the implementation of the new cryptocurrency program.

Now, the regulator will ensure that the rules regarding the market and advertising within the cryptocurrency industry are laid out and streamlined accordingly.

VARA Announced New Regulatory Guidelines

The VARA is proactively dealing with the implementation process of the rules surrounding crypto marketing and advertising. For this purpose, VARA announced the introduction of new guidelines pertaining to particular segments in the current week.

Points Covered in the Guidelines

The regulator has tried its best to relay the guidelines as detailed as possible for the cryptocurrency sector. The guidelines shared by VARA cover multiple segments within the cryptocurrency industry.

These segments include investor solicitation, customer engagement, building awareness, dissemination of information, advertising, and communications.

It is quite remarkable for the regulator that it had a vast outreach in terms of covering the most critical and vital segments of the crypto sector in the guidelines.

The guidelines published by the regulator also cover all aspects of communications surrounding virtual assets. It also provides publishing guidelines for the companies chosen to do the particular task.

These publishers include search platforms and publishing channels that may be both offline and online. Most importantly, it can be a media website based in Dubai.

Requirements from the Service Providers

The regulatory authority has also provided guidelines and restrictions for the virtual asset service providers (VASPs) who are operating from Dubai directly.

The guidelines also suggest that the publishers will need to make sure there are no misleading statements added to the advertising or marketing material.