Introduction

Entire section

Print

The Dubai Virtual Assets Regulatory Authority (VARA) was established and authorised by Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai (Dubai VA Law) to regulate Virtual Assets and Virtual Asset Service Providers (VASPs).

VARA is affiliated to the Dubai World Trade Centre Authority (DWTCA), and is the competent entity in charge of regulating, supervising, and overseeing Virtual Assets and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones, but excluding the Dubai International Financial Centre (the Emirate).

As set out in Article 5 of the Dubai VA Law, VARA has the following objectives:

	1.	to promote the Emirate as a regional and international hub for Virtual Assets and related services; to boost the competitive edge of the Emirate at the local and international levels; and to develop the digital economy in the Emirate;
	2.	to increase awareness on investment in the Virtual Asset services and products sector, and encourage innovation in this sector;
	3.	to contribute to attracting investments and encourage companies operating in the field of Virtual Assets to base their business in the Emirate;
	4.	to develop the regulations required for the protection of investors and dealers in Virtual Assets, and to endeavour to curb illegal practices in coordination with the concerned entities; and
	5.	to develop the regulations, rules and standards required for regulating, supervising, and overseeing Virtual Asset platforms, VASPs, and all other matters related to Virtual Assets.

These Regulations on the Marketing of Virtual Assets and Related Activities 2024 (Marketing Regulations) have been enacted with a view to advance the above objectives, while assuring effective consumer protection.

These Marketing Regulations apply to all Marketing of or relating to Virtual Assets or VA Activities in or targeting the UAE. Market participants should note that requirements in these Marketing Regulations are applicable to all Entities, including domestic and/or foreign Entities, and whether they are authorised and Licensed by VARA to carry out VA Activities or not. The most up-to-date version of these Marketing Regulations will be made available on VARA’s website.

These Marketing Regulations are accompanied by the Guidance on Regulations on the Marketing of Virtual Assets and Related Activities 2024 (the Guidance on Marketing Regulations), which is indicative for explanatory purposes, and non-binding.

Capitalised terms in these Marketing Regulations have meanings defined herein, or as defined in Schedule 2.