On 25th August 2022, VARA, Dubai's independent regulator
for Virtual Assets, launched its operations officially by issuing
bespoke licensing regulations. VARA announced the regulatory
guidelines on marketing of Virtual Assets and the statutory fine
& penalties for non-compliance in the Emirate of Dubai.
The regulations from VARA were issued under two separate
regulations through Administrative Order No 1 of 2022 Relating to
Regulation of Marketing Advertising and Promotions Related to
Virtual Assets (the “Marketing Regulation”) and
Administrative Order No 2 of 2022 Relating to the Fines and
Penalties for Non Compliance (the “Penalties
Regulation”)
The Marketing Regulation
The Marketing Regulation dictates the rules for promotion and
advertising of Virtual Assets and includes all variety of
crypto-currencies and non-fungible tokens. Marketing and promotion
as described in the Marketing Regulation has broad application and
a non-exhaustive list of actions is
