Dubai regulator tightens rules on crypto marketing

Dubai’s integer plus regulator will adopt stricter requirements for companies trading crypto investments successful nan country. 

In a property merchandise sent to Cointelegraph, Dubai’s Virtual Asset Regulatory Authority (VARA) announced that companies promoting integer plus investments successful nan state should adhd a disclaimer to their material.

The crypto regulator said that nan disclaimer must beryllium prominently displayed and authorities that “virtual assets whitethorn suffer their worth successful afloat aliases successful portion and are taxable to utmost volatility.”

VARA CEO Matthew White said that providing clear and actionable guidance tin thief virtual plus work providers (VASPs) “deliver their services responsibly.” White besides noted that this fosters spot and transparency successful nan market. 

Additionally, companies offering incentives for integer assets aliases related products wrong nan state must person compliance confirmation from nan regulator. This ensures that nan incentives are not being utilized to mislead investors from assessing nan risks of their imaginable investments. 

Regulators to let VARA-licensed providers to work broader UAE

The announcement follows a caller improvement that allows crypto providers licensed by VARA to grow their services to nan broader United Arab Emirates market. 

On Sept. 9, VARA and nan Securities And Commodities Authority (SCA) — nan UAE’s national financial agency — announced an agreement connected communal supervision of VASPs. With this, providers operating successful Dubai who wish to get a VARA licence tin besides registry by default pinch nan SCA, allowing nan companies to work nan wider UAE. 

Helal Saeed Al Marri, nan president of VARA’s executive board, said nan move demonstrates regulatory cohesion successful nan country. The charismatic besides highlighted that it drives guardant their imagination of a unafraid and interoperable virtual assets ecosystem. 

Related: Dubai tribunal recognizes crypto arsenic a valid net payment

UAE ranks 3rd successful world crypto take index

In a study conducted by an finance migration consultancy firm, nan UAE classed 3rd successful a crypto take index. The state scored precocious successful tax-friendliness, surpassing different countries connected nan list. The UAE besides scored very precocious successful economical factors, invention and technology. 

The study besides noted that galore of nan UAE’s organization ain crypto. The researchers said that nan startups thrive successful nan country, and nan government’s support matches nan people’s enthusiasm for crypto. 

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