The Dubai Virtual Assets Regulatory Authority (VARA) has issued the Regulations on the Marketing of Virtual Assets and Related Activities 2024.
The Regulations will apply to all entities that engage in the marketing of virtual assets and related activities in or with respect to the UAE. The new Regulations will apply to foreign entities and entities without the VARA license.
The Marketing Regulations abrogate and replace the following regulations:
- Administrative Order No. 01 of 2022 governing the marketing, advertising and promotions related to virtual assets.
- Administrative Order No. 02 of 2022 governing the marketing, advertising and promotions related to virtual assets.
However, the entities that received the VARA license before October 1, 2024 may continue to operate in line with the previous rules for the period of 90 days.
From October 1, only VARA-licensed virtual asset service providers (VASPs) or on behalf of and under the approval of a VARA-licensed VASP will be allowed to conduct marketing activities.
The Marketing Regulations prohibit the marketing of any cryptocurrency with enhance...