Dubai Adopts Stricter Rules Around Marketing Crypto Investments - Bloomberg
Dubai’s crypto regulator updated its marketing guidelines for virtual assets, with the new rules requiring firms to include a disclaimer clarifying the risks of such investments.
As of Oct. 1, companies looking to market virtual assets in the United Arab Emirates will have to include a “prominent” disclaimer stating that “virtual assets may lose their value in full or in part, and are subject to extreme volatility,” the Virtual Assets Regulatory Authority said Thursday.
“We believe that by providing clear and actionable guidance, we can help VASPs deliver their services responsibly, while fostering greater trust and transparency in the market,” said VARA Chief Executive Officer Matthew White, referring to virtual asset service providers.
The UAE’s efforts mirror steps countries from Belgium to Singapore have taken in recent years to rein in crypto marketing. The UK last year banned so-called “refer a friend” bonuses that are popular in the industry. In Belgium, ads must now include a punchy disclaimer: “The only guarantee in crypto is risk.”
Firms offering incentives for virtual assets or related products in the UAE will have to receive a compliance confirmation from VARA, among other rules, such as the bonus not being used to “divert or mislead” investors from properly assessing the risk of the investment.
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