Dubai authorities tighten requirements for advertising crypto assets
The Dubai Virtual Assets Regulatory Authority (VARA) has required cryptocurrency companies providing services in the United Arab Emirates to add a disclaimer to their advertisements.
Starting October 1, all virtual asset service providers (VASPs) in the UAE are required to clearly and understandably display their disclaimer of liability for the risks associated with cryptocurrency investments in their advertisements.
“VASP disclaimers must clearly state that virtual assets may lose all or part of their value, are subject to extreme volatility, and that investments in digital assets are not covered by the government’s private deposit protection program,” the agency said.
Officials say they want to increase transparency in the crypto business and protect investors. The disclaimer means that crypto investors will be informed in advance of their responsibilities and risks associated with investing in digital assets, VARA clarified.
