Figure (16): “About VA1” webpage
 

COMPLIANT: Factual presentation of key features; no invitation to buy; prominent disclaimer.
 

The above webpage introduces key features and rights attached to VA1 in a factual manner. This information is presented accurately and truthfully (e.g. based on how relevant smart contracts function). There is no “call to action” inviting the public to buy VA1, nor any information regarding how VA1 can be bought. A prominent disclaimer stating that “Virtual Assets may lose their value in part or in full and are subject to extreme volatility at times” is displayed. A webpage which satisfies all of the above is therefore an acceptable way to present information regarding a Virtual Asset in compliance with the Marketing Regulations.
 

Figure (17): Social media post by VA1 team
 

NOT COMPLIANT: Overall message is designed to solicit trading of a virtual asset. It also hints at near term increase in value and there is no disclaimer.
 

The above is posted by VA1’s social media account and alerts followers to the imminent listing of VA1 on ABC VASP. The post also mentions a protocol update which is due the following month. Provided these statements are true and not misleading, these types of information are allowed and may be used in Marketing. However, when used in combination with other parts of the content in this example, this post is not compliant with the Marketing Regulations explained further below.
 

VARA will consider the overall message conveyed in all Marketing. Both words and other ways of communicating, including emojis, will be considered in the context in which they are used. In this example, the phrase “Who’s getting ready to trade?” and the rocket emojis, when used in the overall context of this post, imply an urgency to acquire VA1 in anticipation of the listing and the protocol upgrade leading to an imminent future appreciation in value. As such, this post does not comply with general requirements for Marketing as set out in Marketing Regulation I.C.2.
 

For the avoidance of doubt, this does not mean emojis, and in particular the rocket emoji, cannot be used in all cases. The meaning a word or emoji has, depends on the context in which it is used, and provided the overall message conveyed does not infringe the Marketing Regulations, then no single word or emoji is prohibited.
 

The lack of disclaimers regarding the potential volatility of VA1 means the post is also inconsistent with the message that Virtual Assets may lose their value in part or in full and are subject to extreme volatility at times.
 

A developer behind VA1 makes an appearance on a podcast to discuss the imminent launch of VA1. Assume the discussion is primarily focused on the key features of VA1 and its underlying DLT, until the interviewer asks the developer “why should listeners buy VA1?” While the developer can provide an answer to this question, any such discussion is likely to constitute Marketing and therefore must comply with general requirements applicable to all Marketing in Marketing Regulation I.C.2 and specific requirements applicable to all Marketing of Virtual Assets in Marketing Regulation I.C.3. This means that the developer must not, among other things, advocate that buying VA1 is a low-risk investment, imply that past performance of the price of Virtual Assets similar to VA1 guarantees or is indicative of the future price of VA1, or communicate any misleading or inaccurate information.
 

The producers of the podcast and/or similar Entities are also responsible for ensuring compliance with Marketing Regulation I.C.3 (e.g. by including a prominent disclaimer that Virtual Assets may lose their value in part or in full and are subject to extreme volatility at times) and Marketing Regulation I.E.1 (e.g. by taking reasonable steps to ensure the podcast episode and VA1 itself comply with all applicable laws, regulations, guidelines or other rules applicable across the UAE, and specific to the Emirate).
 

Figure (18): Online chatroom maintained by the issuer of VA1
 

The issuer of VA1 maintains an online chatroom for community engagement, and official announcements. From time to time, developers behind VA1 may drop in and chat with the community.
 

Depending on their context and content, messages in the chatroom may constitute Marketing. For example, if a developer sends messages in the chatroom regarding an upcoming airdrop of VA1, these may constitute Marketing of a Virtual Asset. As such, the developer must ensure that a disclaimer that Virtual Assets may lose their value in part or in full and are subject to extreme volatility at times is displayed prominently in relation to those messages (e.g. by sending this disclaimer immediately before or after the Marketing messages). These Marketing messages must also comply with general requirements in Marketing Regulation I.C.2.