Dubai sets regulatory guidelines to safeguard crypto investors

Dubai’s Virtual Asset Regulatory Authority (VARA) reportedly mandated local cryptocurrency-related firms to direct a license from the watchdog before promoting their products. The initiative could guarantee maximum protection for investors and limit the spread of deceptive marketing campaigns focused on digital assets.

dubai-crypto

Over the past several months, Dubai has turned into a global cryptocurrency center where numerous companies and leading players set foot. Sam Bankman-Fried’s spearheaded trading venue, FTX, founded a regional headquarter in the city, while Crypto.com and OKX received licenses to deliver services in the region.

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Safety Is VARA’s Concern

The United Arab Emirates, and more particularly Dubai, have been making continuous steps toward the digital asset industry. This year, the country’s authorities made an independent agency to monitor the crypto sector, dubbed the Virtual Asset Regulatory Authority, VARA.

Prime Minister Sheikh Mohammed bin Rashid Al Maktoum at the time mentioned that their step is a leap towards the future desired at developing this sector and shielding all investors in it.

According to reports, the entity doubled down on its commitments by introducing regulatory guidelines on firms that promote crypto products and services. These include search platforms, media sites, and online or offline publishing channels that encourage people to dive into the ecosystem.

With these regulations, organizations now have to obtain a license from the VARA to confirm that their operations are not harmful to investors.

These regulations precisely address marketing and communications activities ahead of operationalizing the MVP licensees so that any mass-market information dissemination and customer solicitation are developed to safeguard community interests.

Dubai and Crypto

The examples of Dubai’s pro-crypto stance are multiple. Several months ago, the city’s authorities granted Binance and Crypto.com provisional licenses to conduct their businesses in the area. For its part, FTX received regulatory permission to establish a regional headquarter in Dubai.

A few months back, the leading airline company Emirates Airline revealed intentions to introduce bitcoin as a payment method. Further, the government also plans for metaverse jobs and many such initiatives from the country.


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