Companies promoting digital assets must include a visible warning that they may lose value and are highly volatile.
This announcement has followed an agreement between VARA and the SCA.
Dubai's Virtual Asset Regulatory Authority (VARA) is set to
enforce stricter requirements for companies that market cryptocurrency
investments within the country. In a recent press release, VARA announced that
these companies must include a specific disclaimer in their promotional
materials.
The required disclaimer must be clearly visible and state
that “virtual assets may lose their value in full or in part and are subject to
extreme volatility.” This move aims to ensure that investors are aware of the
potential risks associated with digital asset investments.
Guidance Aims for Responsible Operations
Matthew White, the CEO of VARA, emphasized the importance of
providing clear and actionable guidance. He stated that this approach would
help virtual asset service providers (VASPs) operate their services in a
responsible manner. White also indicated that these measures would promote
trust and transparency in the market.
In addition to the disclaimer, VARA stated that companies
offering incentives related to digital assets must obtain compliance
confirmation from the regulator. This requirement is designed to prevent any
misleading information that might obscure the risks involved in potential
investments.
Earlier, White
expressed intentions to reduce regulatory pressures on smaller
cryptocurrency entities, as reported by Finance Magnates. During a
regulatory panel at the Paris Blockchain Week, he recognized the shortcomings
in current crypto regulations and highlighted the necessity for improvements,
especially to assist smaller participants in the industry.
UAE Regulators Collaborate on VASPs
The announcement follows a recent development allowing
crypto providers licensed by VARA to broaden their services to the wider UAE
market. On September 9, VARA and the Securities and Commodities Authority
(SCA), the UAE's federal financial agency, reached an agreement to mutually
supervise VASPs.
Under this agreement, providers operating in Dubai can
register with both VARA and SCA, enabling them to serve a larger customer base
across the UAE.
Helal Saeed Al Marri, the Chairman of VARA’s Executive
Board, remarked that this initiative reflects regulatory cohesion within the
country. He noted that it advances the vision of establishing a secure and
interoperable virtual assets ecosystem.
Dubai's Virtual Asset Regulatory Authority (VARA) is set to
enforce stricter requirements for companies that market cryptocurrency
investments within the country. In a recent press release, VARA announced that
these companies must include a specific disclaimer in their promotional
materials.
The required disclaimer must be clearly visible and state
that “virtual assets may lose their value in full or in part and are subject to
extreme volatility.” This move aims to ensure that investors are aware of the
potential risks associated with digital asset investments.
Guidance Aims for Responsible Operations
Matthew White, the CEO of VARA, emphasized the importance of
providing clear and actionable guidance. He stated that this approach would
help virtual asset service providers (VASPs) operate their services in a
responsible manner. White also indicated that these measures would promote
trust and transparency in the market.
In addition to the disclaimer, VARA stated that companies
offering incentives related to digital assets must obtain compliance
confirmation from the regulator. This requirement is designed to prevent any
misleading information that might obscure the risks involved in potential
investments.
Earlier, White
expressed intentions to reduce regulatory pressures on smaller
cryptocurrency entities, as reported by Finance Magnates. During a
regulatory panel at the Paris Blockchain Week, he recognized the shortcomings
in current crypto regulations and highlighted the necessity for improvements,
especially to assist smaller participants in the industry.
UAE Regulators Collaborate on VASPs
The announcement follows a recent development allowing
crypto providers licensed by VARA to broaden their services to the wider UAE
market. On September 9, VARA and the Securities and Commodities Authority
(SCA), the UAE's federal financial agency, reached an agreement to mutually
supervise VASPs.
Under this agreement, providers operating in Dubai can
register with both VARA and SCA, enabling them to serve a larger customer base
across the UAE.
Helal Saeed Al Marri, the Chairman of VARA’s Executive
Board, remarked that this initiative reflects regulatory cohesion within the
country. He noted that it advances the vision of establishing a secure and
interoperable virtual assets ecosystem.
Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable.
🎬 Watch, share, and join the conversation!
Don’t forget to use the hashtags #fmps #fmps24 #FMevents when sharing.
Stay tuned for more events. See you next time!
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Don't miss out on our latest videos, interviews, and event coverage.
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Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable.
🎬 Watch, share, and join the conversation!
Don’t forget to use the hashtags #fmps #fmps24 #FMevents when sharing.
Stay tuned for more events. See you next time!
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
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Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!