The Dubai Virtual Assets Regulatory Authority (DAVA) has announced significant updates to its marketing regulations aimed at enhancing the regulatory framework for virtual asset service providers operating in Dubai. The Authority has also introduced a comprehensive marketing guidance document to provide a clear and enforceable framework for virtual asset service providers engaging in various marketing activities in the region. The new regulations will come into effect on 1 October 2024.

The Virtual Assets Marketing and Related Activities Regulations 2024 are designed to enhance the integrity and transparency of marketing practices in the virtual assets sector in Dubai. The updated regulations place a strong emphasis on the accuracy of marketing communications, avoiding misleading information and protecting the interests of consumers. These regulations apply to all entities operating in the virtual assets marketing sector or related activities, regardless of their license status with the Virtual Assets Regulatory Authority.

Recognizing the importance of clear and consistent guidance for marketing activities, the VARA has issued a new Marketing Guidance document that will serve as a key reference for VASPs. The document provides detailed guidance and best practice to assist providers wishing to conduct marketing activities that comply with Dubai’s regulations, enabling them to operate with confidence in this regulatory landscape. The guidance covers a range of topics, including the appropriate use of language in marketing materials, disclosure requirements, and ethical considerations that should form the basis of all marketing practices.

Matthew White, CEO of the VARA, commented: “As the world’s first independent virtual asset regulator, the VARA is committed to creating a regulatory environment that combines consumer protection with stimulating growth and innovation in the virtual assets sector. Our updated marketing regulations and newly issued guidance document reflect our commitment to maintaining Dubai’s position as a leading global hub for digital finance. By providing clear, actionable guidance, we aim to help virtual asset service providers operate responsibly, while ensuring increased levels of trust and transparency in the market.”