VARA, Dubai’s Virtual Asset Regulatory Authority has released guidelines for marketing, advertising, and promotions of Virtual Assets in the city. This includes online and offline operations that target consumers around Dubai.
The guidelines will regulate any information that will go into mainstream media, using Dubai-based media sites, and publishing houses.
According to the report, this step “reflects VARA’s objective to provide” a durable economic structure for borderless opportunities in Dubai while protecting all consumers in the Virtual Assets market.
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VARA, the key to the success of the Virtual Market
On March 9th, 2022, the Prime Minister of UAE, Sheikh Al Maktoum, announced the creation of VARA to control establishments and activities in the virtual market.
https://twitter.com/HHShkMohd/status/1501566703322513408?t=Bfs7B_t79AqJDYHvWnjp5A&s=19
The launch of VARA and the recent approval of guidelines has been welcomed by several players in the virtual world community.
Kokila Alagh, the founder of KARM Legal Consultants shared that the guidelines are important to help control the messages consumers get. If the right information gets to these consumers, it’ll be easier for them “to make an informed decision as to their VA exposure”.
The essence of traditional media remains significant for the virtual market and “we welcome the latest announcement by VARA,” said Faisal Zaidi, Co-Founder, and CMO, of Crypto Oasis.
Another voice that approves this project is Atul Hedge, founder of YAAP. He said that the guidelines will help secure users’ interest in the market as exposure is given to new and upcoming brands in the virtual market.
Atul also believes that this will form the foundation for increased growth in the virtual ecosystem as stats show that providing guidelines for industries like this has proven to be “a catalyst of growth”. The founder sees Dubai cementing its position as one of “the top global destinations for cryptos, blockchain, and the metaverse”.
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