Dubai launches virtual asset licensing system
The Dubai Virtual Asset Regulatory Authority, the world's only authorized virtual asset regulator, launched the Dubai Virtual Asset Licensing System this month, with the start of the minimum product offering phase.
It also published guidelines and regulations for marketing and launching promotions related to virtual assets in the Emirate of Dubai.
A statement indicated that this regulation reflects the serious endeavor of the Dubai Virtual Assets Regulatory Authority towards developing a comprehensive framework for working in the virtual assets sector, enabling all parties to work and safely benefit from the real opportunities provided by the sector.
As part of its commitment to support effective and responsible participation in the sector, this regulation aims to regulate marketing communications activities before placing licenses and services on the market, in order to protect consumers and markets, and to ensure the accuracy of the information circulated.
The regulation of marketing and advertising includes all forms of marketing communications and advertising, including dissemination of information, building and promoting awareness, engaging customers and attracting investors.
The rules of the Virtual Asset Regulatory Authority extend to communications related to virtual asset services by any entity that makes use of Dubai-based media websites, as well as search platforms, online and offline publishing channels targeting Dubai market participants, and those that erect barriers to protect segments. From the audience, as well as other content obligations.
Likewise, all content dissemination channels operating from Dubai are obligated to act responsibly and to comply with prevailing guidelines regarding communications for virtual assets offered through their platforms.
The regulation and guidelines provide more details about the obligations of licensed virtual asset service providers in Dubai, as well as about any advertising platforms that use content related to virtual assets through traditional and modern media channels in the Dubai market.
The regulation stressed the need to be characterized by accuracy and realism, clarity of the promotional purpose, and not to mislead and make promises to achieve guaranteed returns in any way.
This regulation is complemented by the establishment of a mechanism and strict standards for implementing the law, and imposing penalties and penalties in case of non-compliance with the regulation, which would enhance confidence in the virtual asset market;
With the start of the stage of providing the minimum number of products, in order to enhance marketing and data protection, with the application of consumer protection laws throughout the United Arab Emirates.
The issuance of this regulation represents a new step that enhances the efforts of the global virtual assets system to innovate in this field, supports sound practices, and encourages all parties to enter this sector, in addition to enhancing the sustainability of virtual assets and consolidating their position as a pillar of the future economy.
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