The cryptocurrency market has a wide spectrum of opportunities in almost every niche. Whether we talk about cryptocurrencies, Non-fungible tokens, altcoins, or fiat currencies. The Crypto market opens several doors for illicit activities which affect crypto lenders, exchange firms, decentralized companies, and so on.
To avoid such scenarios a virtual asset regulator from Dubai, Virtual Asset Regulatory Authority (VARA) has unveiled a set of advertising and promotional guidelines. These guidelines are applicable to any crypto entity operating in Dubai as media sites and publishing channels.
VARA on a Verge Eliminating Discrepancies
The released guidelines from VARA will ensure the information and factual accuracy eliminating any discrepancy. Also, it will explicitly demonstrate any promotional content and in no way mislead the users on the nature of the returns.
The motive of the published guidelines is to bring economic opportunities in the market without affecting the market’s security. A recent report states that VARA guidelines encircle various crucial areas of market communication. This includes communication and marketing, advertising, publication information, user engagement, awareness building, and/or investor solicitation.
The guidelines is not just limited to the media channels and publishing houses, but it also circles the marketing-related digital assets entity using Dubai-based media sites. The guidelines also detailed the obligations of the Dubai licensed Virtual Asset Service Providers (VASP) and media channels. The guidelines also circled the advertising channels and media channels that are positioning virtual assets across traditional and new-age media channels.
The Customer-Centric Approach
VARA looks determined to establish a system that works on consumer protection completely. Kokila Alagh, the founder of KARM Legal Consultants remarked on VARA guidelines saying, “regulations will go a long way in ensuring that users have the needed information before making their decisions.”
Guidelines from the Virtual Asset Regulatory Authority are an evolutionary step in Dubai’s crypto mechanism. The new set of guidelines will change the face of the industry changing it to being customer-centric. VARA is on a run to rise and shine on the crypto world map soon.
Source: https://www.thecoinrepublic.com/2022/08/30/dubai-regulator-vara-unveils-virtual-asset-marketing-advertising-guidelines/