Blockchain Ireland recently signed an MoU with Dubai’s Virtual Assets Regulatory Authority [VARA] to partner towards deepening collaboration between two forward looking jurisdictions committed to the responsible advancement of virtual assets, Web3, and emerging digital economies.

As per the LinkedIn post, the agreement aims to foster bilateral knowledge exchange and regulatory dialogue, support start-ups and scale-ups looking to expand across the EU and the Middle East, build bridges between talent, capital, and innovation ecosystems and promote policy leadership and cross-border cooperation in the virtual asset sector.

Over the past decade, economic ties between the two countries have strengthened significantly. Irish exports to the UAE have grown by 127%, with imports increasing by 3,094%. The total bilateral trade is now value at more than €2.25 billion annually.

Blockchain Ireland noted on LinkedIn, “As the global regulatory landscape evolves, we believe strategic partnerships like this are vital to shaping a safe, secure, and innovation-friendly future for the industry.”

On the heels of the success of the first tokenized property listing in UAE and MENA, which brought in investments of over $700K, Dubai PRYPCO, Dubai Land Department, under the regulatory overlook of Dubai’s Virtual Asset Regulatory Authority and the Central Bank of the UAE, have announced the launch of their second tokenized property worth $650K.

PRYPCO Mint will go live with the second tokenized property listing on June 11th 2025. As per the press release, the next phase not only reinforces investor confidence in fractional property ownership but also strengthens Dubai’s standing as a global pioneer in real estate innovation and blockchain-powered investment.

The new tokenized property is a one bedroom apartment in Kensington Water, at Mohammed Bin Rashid City. It has a total valuation of AED 1.5 million ( $653K) offered at a discounted rate compared to its estimated market value of AED 1.875 million.

Through fractional ownership starting from just AED 2,000, ( $540) to UAE residents holding Emirates IDs.

Amira Sajwani, Founder and CEO of PRYPCO, said, “The incredible response to our first tokenised property proved that investors are ready for a smarter, more accessible way to invest in real estate. With our second property, we’re continuing to break down traditional barriers and offer high-quality opportunities to a broader, more diverse audience. At PRYPCO, our mission is to democratise property ownership, and this is just the beginning.”

Already PRYPCO Mint which was launched on May 25th has been successful in its first offering, a two bedroom apartment in Business Bay that attracted 224 investors from over 40 nationalities, with an average investment of $2900. The first was also listed at $653,000 and was fully funded in one day.

Blockchain based certificates of Property Token Ownership were granted for the first property. Ctrl Alt powers the blockchain infrastructure, issuing secure ownership tokens on the XRP Ledger, while UAE digital bank Zand serves as the official banking partner.

Targeting tech-savvy investors, millennials, and first-time buyers, PRYPCO Mint enables digital property ownership through a mobile-first experience, transforming real estate from a traditionally slow, capital-heavy asset into a flexible, inclusive, and liquid investment.

PRYPCO Mint platform is expected to open to international investors in its next phase, further expanding Dubai’s real estate footprint as a global innovation hub.

Mathew White, CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), recently noted on LinkedIn that the tokenization of real-world assets (RWAs) is no longer an experiment. He stated, “It’s happening right now.”

He explained how VARA views tokenization as more than a blockchain use case but rather as a structural shift and the foundation for a new kind of financial system. He explains, ” Everything from real estate and art to commodities and IP can be digitally represented, owned and exchanged in real time.”

He adds, “It’s a system of fractional ownership and near-instant settlement, where global markets are trustless, borderless, and always on. The illiquid can become liquid.”

He gives the example of BlackRock which sees tokenization as a democratization of investing. Its CEO Larry Fink envisions a world where every asset can be tokenized from stocks and bonds to entire funds.

The global tokenisation market was valued at $3.32 billion in 2024 and is projected grow to nearly $13 billion in 2032 – a CAGR of 18.3%.

He goes on to say that in Dubai, tokenized RWAs are a policy priority. He explains, “We’re building the infrastructure to make it all real – credible rules, secure frameworks, trusted intermediaries. We’re enabling the shift from analogue finance to digital ecosystems where anyone – regardless of size or geography – can participate, invest, and grow. Technology alone won’t deliver the future we want. It needs governance, credibility, guardrails, and trust.”

He notes that VARA is committed to creating a gold standard for oversight – a regulatory regime that’s clear, credible, and agile. “The idea is to protect without paralyzing. To not only supervise innovation, but to accelerate it.”

In his final words he says that Dubai intends to lead from the front.

Already Dubai has stated with the successful tokenization of real estate project with Dubai Land Department that happened a few weeks ago. In addition, the UAE Securities and Commodities Authority has licensed Emirates Coin Investment LLC (EmCoin) based out of Abu Dhabi UAE, as the first regulated integrated investment platform to offer both crypto investments as well as traditional assets such as equities, commodities, and even ICOs.

Regulated by the UAE Securities and Commodities Authority, Emirates Coin Investment will be able to serve the entire UAE.

Ctrl Alt, a tokenization infrastructure platform, has secured a Virtual asset broker dealer license as well as issuer license from Dubai’s Virtual Assets Regulatory Authority (VARA). As of May 1, 2025, Ctrl Alt has tokenized over $295 million in assets, spanning real estate, private credit, funds, litigation finance and more.

As per the press release Ctrl Alt is the first VASP authorized to conduct issuer-related services. This milestone marks a significant step in Ctrl Alt’s global expansion and highlights its commitment to operating within robust regulatory frameworks. The virtual asset issuer license allows Ctrl Alt to operate a full-stack, regulatory-compliant platform for the creation, management and distribution of tokenized real-world assets and ARVA tokens.

ARVA tokens are defined under Dubai law as representing direct or indirect ownership of real-world assets, granting entitlement to receive or share income and purporting to maintain a stable value by reference to real-world assets or income. ARVA tokens are also backed or collateralized by such real-world assets or constitute a derivative, wrapped, duplicated, or fractionalized version of another ARVA.

Ctrl Alt recently demonstrated its solution with its partnership with Dubai Land Department for their real estate tokenization project. Ctrl Alt created the framework to mint and place real estate tokens on-chain. PRYPCO Mint, the first licensed real estate tokenization platform, in partnership with Dubai Land Department, Dubai’s Regulatory Authority, and powered by Ctrl Alt blockchain, issued the region’s first property token ownership certificate. The fully funded property attracted 224 investors from over 40 nationalities, with an average investment amount of AED 10,714, underscoring the platform’s wide appeal and the growing appetite for accessible, tech-enabled real estate opportunities in the region.

“We are proud to receive our VARA license and establish fully regulated operations in the UAE,” said Matt Ong, Founder and CEO at Ctrl Alt. “This achievement reflects our commitment to long-term regulatory alignment as we power the infrastructure for the next generation of financial products.”

“Securing our VARA license marks a pivotal moment not just for Ctrl Alt, but for the broader digital asset ecosystem in the region,” said Robert Farquhar, Head of MENA at Ctrl Alt. “Dubai’s progressive regulatory environment provides a strong foundation for innovation in tokenization and we’re proud to contribute to that vision by delivering secure, compliant tokenization infrastructure for real-world asset issuance.”

UAE Central Bank has licensed Relm Insurance a dedicated insurer to emerging sectors – and Liva Insurance, a GCC insurance provider to offer their dedicated multi-line insurance solution for WEB3 businesses – SIGMAWEB3, and its tailored version for Dubai’s virtual asset regulatory authority VARA-regulated companies, SIGMAWEB3 VARA.

As per the press release, this follows the signing of Relm and Liva’s strategic partnership in February 2025, aimed at empowering innovation and entrepreneurship in emerging sectors such as digital assets, biotech and AI.

The UAE Central Bank approval reinforces Relm and Liva’s commitment to deliver tailored insurance solutions that address the unique

SIGMAWEB3 and SIGMAWEB3 VARA will help create the confidence and resiliency that WEB3 innovators require to tackle complex challenges and seize new opportunities, while meeting the necessary regulatory requirements. Both products are designed specifically for digital asset companies, blockchain startups, crypto exchanges, and fintech innovators, addressing the unique and complex financial, professional, crime, and cyber exposures inherent in their operations.

SIGMAWEB3 VARA is specifically tailored to meet the requirements of Dubai’s Virtual Asset Regulatory Authority (VARA), ensuring that crypto companies can operate with compliant insurance cover.

“Securing Central Bank approval for SIGMAWEB3 and SIGMAWEB3 VARA is a significant step for brokers and clients in the UAE. This milestone facilitates more comprehensive coverage tailored to the unique risks of the Web3 space. By closing the insurance gap, we’re empowering businesses with the protection they need to innovate confidently in a rapidly evolving market” said Joseph Ziolkowski, CEO of Relm Insurance.

“SIGMAWEB3 and SIGMAWEB3 VARA represent a significant step in our commitment to supporting growth and evolution of innovation within the insurance industry. This approval from Central Bank affirms both Liva Group’s deep market insight and Relm’s expertise in specialised insurance as well as reinforcing the vital role that regulatory collaboration plays in fostering a secure and thriving digital economy. Together, we aim to provide customers with solutions that meet their evolving needs, while strengthening our commitment to scale and diversify our business.” Martin Rueegg, Group CEO of Liva Group.

A year earlier OneDegree, Asia’s licensed insurer for digital assets and Dubai Insurance Company announced the issuance of digital assets custodial risk insurance to their customers in UAE. The Central Bank of UAE approved issuance of the digital asset insurance offering.

OneDegree and Dubai Insurance partnered in 2023. Custodial risk insurance completes the product portfolio and allows the partners to offer a one-stop-shop for digital asset companies in the UAE, under the brand “OneInfinity”.

VARA, Dubai’s dedicated regulator for digital assets, requires such coverage along with professional indemnity and directors & officers insurance. With this latest approval, specialized custodial risk insurance can be offered directly in UAE for the first time. Custodial risk insurance protects companies against the risk of losing access to digital assets including through third party hacks and theft, internal fraud and physical damage to the storage media.

The UAE governmental entity, the Dubai Land Department (DLD) has partnered with the Dubai Virtual Assets Regulatory Authority (VARA) to link the real estate registry to property tokenization through an advanced governance system. The collaboration aims to enable the fractional ownership of real estate assets, allowing a broader base of investors, particularly small investors, to enter Dubai’s real estate market. This contributes to greater economic inclusion and enhances the sector’s appeal to global investments.

This agreement follows the launch of the pilot phase of the “Real Estate Tokenization Project.” In line with the Dubai Real Estate Sector Strategy 2033, the Dubai Land Department (DLD) has launched the pilot phase of the ‘Real Estate Tokenization Project for property title deeds. As per the announcement, the initiative, introduced under the Real Estate Innovation Initiative ‘REES,’ establishes DLD as the first real estate registration entity in the Middle East to implement tokenization on property title deeds. The project is being implemented in collaboration with the Dubai Virtual Assets Regulatory Authority (VARA) and Dubai Future Foundation (DFF) through SandBox Real Estate.

It was signed in the presence of Helal Saeed Almarri, Director-General of the Department of Economy and Tourism, and Marwan bin Ghalita, Director-General of Dubai Land Department, alongside senior officials from both entities.

The project also supports the objectives of the “Dubai Real Estate Strategy 2033” to grow real estate transaction volume to $272 billion equivalent to AED1 trillion, and contributes to the goals of the “Dubai Economic Agenda D33,” which seeks to double the emirate’s GDP over the next decade.

Helal Almarri affirmed that the agreement reflects the spirit of innovation and integration between Dubai’s government and digital sectors, noting that real estate tokenisation represents a qualitative leap toward a more inclusive and transparent investment model.

For his part, Marwan bin Ghalita highlighted the importance of this step in driving real estate innovation, attracting technology companies, and enhancing the sector’s digital infrastructure.

The visit of the National Bank of Kazakhstan to the UAE will lead to exploration of cross border initiatives, collaboration with ADGM and DIFC on digital assets, and learnings from Dubai’s Virtual Asset Regulatory Authority on developing bespoke regulations for digital assets. This comes as the UAE Central Bank launched its digital dirham CBDC which will be available for retail users at the end of 2025.

These comments were made by Binur Zhalenov, Chief Digital Officer of the National Bank of Kazakhstan in a LinkedIn post as he noted that the delegation’s visit was a productive one.

In an official press release, the National Bank of Kazakhstan noted that on March 26-27, the delegation of the National Bank of Kazakhstan and the Agency of Kazakhstan for Regulation and Development of Financial Market (ARDFM) made a visit to the United Arab Emirates (UAE).

During the visit, meetings were held with H.E. Khaled Mohamed Balama, Governor of the Central Bank of the UAE; H.E. Waleed Saeed Abdul Salam Al Awadhi, CEO of the UAE Securities and Commodities Authority; H.E. Ghannam Butti Al Mazrouei, Chairman of the Abu Dhabi Securities Exchange; management of the Mubadala sovereign investment fund, administration of the UAE international financial centers, banking and fintech companies.

In the course of the meeting with the Central Bank of the UAE parties exchanged views on macroeconomic conditions, as well as experiences in financial flows management and digital financial assets regulation. Following the meeting, a Memorandum of Understanding was signed aimed at exchanging best practices in the development of financial markets and FinTech, ensuring cybersecurity, and promoting CBDCs.

An exchange of experiences on the digital financial assets regulation and the development of blockchain technologies took place with the management of the Virtual Assets Regulatory Authority of the UAE.

In cooperation with the AIFC management, a meeting was held with the administrations of Abu Dhabi Global Market (ADGM) and Dubai Financial Centre Authority (DFSA) to discuss approaches to the regulation of the UAE’s international financial centers, as well as the conduct of transactions and mutual settlements within the jurisdictions of these centers.

Following the meeting with the Abu Dhabi Securities Exchange, the parties noted the importance of developing infrastructure in the capital markets and increasing the liquidity of trading products in the exchange market.

In addition, meetings were held with the Mubadala investment holding and First Abu Dhabi Bank on the prospects of expanding investment partnership with Kazakhstan, as well as with regional offices of leading international companies BCG and Microsoft on the creation of infrastructure for the proactive development of AI in the financial market of Kazakhstan.

Crypto Regulations in Kazakhstan

Kazakhstan currently mandates that all crypto transactions occur through the Astana International Financial Center (AIFC), where regulated platforms such as Binance and Bybit operate. However, many transactions still take place outside this framework. More recently Azat Peruaşev, leader of the minority Aq Jol party and member of the Majilis, the lower house of the Kazakhstan parliament, proposed that the country’s central bank and private banks collaborate to create a “crypto bank” to provide a legal platform for operations with cryptocurrencies. Another MP, Ekaterina Smyshlyaeva, proposed legislative reform of digital asset regulations at the same time.

Peruaşev said 90% of crypto operations in Kazakhstan are currently carried out in a legal gray zone. That enables scams, illicit activities, and tax evasion.

The country through the Kazakhstan’s Financial Monitoring Agency (FMA)also recently shut down 36 illegal crypto exchanges, seizing $4.8M in assets to combat money laundering. Authorities blocked 3,500 unlicensed platforms, returning $545K to victims and freezing $120K in assets. Additionally Kazakhstan plans to launch its Digital Tenge CBDC by 2025 integrating it with global payment platforms.

All this comes as Kazakhstan has put laws into place to encourage cryptocurrency miners to establish operations there. Kazakhstan currently produces around 6.17% of the world’s cryptocurrency mining, placing it among the top four nations in the world along with China, the US, and Russia.

The Ministry of Interior have teamed up with Dubai’s Virtual Asset Regulatory Authority to collaborate for combating virtual asset financial crimes.

As per the press release, this agreement highlights the UAE’s commitment to safeguarding its financial system while fostering leadership in the digital economy.

The MoU aims to unify efforts in information sharing on virtual asset service providers, illicit transactions, and unlawful practices. By facilitating a rapid and secure exchange of data between VARA and the Ministry of Interior, the agreement ensures that the virtual assets sector in the UAE remains secure, innovative, and aligned with international standards.

As part of the collaboration, both entities will develop joint training programs, specialized task forces, and electronic platforms to monitor and detect suspicious activities. These initiatives aim to strengthen the regulatory framework, ensuring that only compliant virtual asset service providers operate in Dubai, thereby enhancing financial system integrity and consumer confidence.

Consumer protection is high up the list for both the UAE Ministry of Interior and VARA as is the combatting of money laundering efforts, and maintaining financial stability in the UAE.

Major General Khalifa Hareb Al Khaili, Undersecretary of the Ministry of Interior, emphasized the Ministry’s dedication to integrated collaboration with national institutions to enhance security and deliver services that reflect the UAE government’s vision and global standing. He highlighted the importance of institutional cooperation to achieve shared strategic goals and develop a robust regulatory framework.

This MoU marks a significant milestone in our collective mission to build a secure and well-regulated virtual assets ecosystem, said Matthew White, CEO of the Virtual Assets Regulatory Authority. By deepening our collaboration with the Ministry of Interior, we are reinforcing measures to detect and prevent financial crimes in the virtual assets space. This partnership ensures that Dubai continues to lead by example fostering innovation while safeguarding the integrity of the emirate’s financial ecosystem. Through this collaboration, we are not only enhancing the security of virtual assets but also cementing Dubai’s position as a global hub for responsible digital finance.

During the years between 2022 and 2024 Dubai Police revealed that they had conducted money laundering financial investigation cases including $16.3 million ( 60 million AED) in virtual assets, or crypto asset cases. This did not include a case where The Dubai Economic Security Center disrupted a $49 million crypto money laundering operation. Both investigations led to a total of $65.3 million crypto money laundering investigation cases.

Dubai’s Virtual Assets Regulatory Authority (VARA) has issued alerts for seven crypto entities claiming to be registered and licensed in Dubai. The entities include, Koto Crypto, Finchain, Crypto Force, Coin Cashy, BTC Bay, XT, and Stabit.

The first entity is Koto Crypto based out of DMCC (Dubai Multi Commodities Center). As per VARA the company which claims to be registered in Dubai UAE, is carrying out non regulated virtual asset activities operating without a proper license.

As per the notice, “Any activities related to virtual assets conducted on this platform are therefore not in compliance with VARA Regulations. Engaging with unlicensed platforms that are not in compliance with VARA Regulations exposes users to significant financial risks and potential legal consequences for violating regulatory requirements, or criminal laws.”

The same applies to Finchain Payment Service Provider L.L.C. and Finchain Technologies DMCC also claiming to be registered out of DMCC. On checking FinChain website, it is no longer operational, claiming they are undergoing maintenance.

Also mentioned is Crypto Force registered as well in DMCC, which is conducting un-regulated virtual asset activities.

In addition VARA issued alerts for Coin Cashy, BTC Bay, whose website is also no longer active, as well as XT.Com crypto exchange which was recently hacked.

XT.com is a centralized cryptocurrency exchange established in 2018 and is registered in the Seychelles. The exchange facilitates trading of more than 1,000 digital currencies, with daily trading volumes of around $3.4 billion.

As for the 7th crypto entity put under alert status is Stabit, associated to Genesis Digital Assets Commercial Brokers Co. L.L.C, also offering un-regulated crypto trading services.

All these entities are unlicensed as per VARA and as such are not operating legally in the jurisdiction.  As such any promotion, advertising, or solicitation related to these seven entities has not been approved by VARA, and the platform is therefore prohibited from offering, promoting, or marketing any Virtual Asset products or services in Dubai or to its residents.

VARA advised investors and consumers to avoid using them and to exercise caution when considering interactions with unregulated platforms.

The regulator also notified users that access to these websites might be restricted without prior notice. As per the regulator, “It is recommended to take immediate necessary measures to ensure protection of user assets.

The alerts come after VARA has announced in October that it issued cease-and-desist orders, along with accompanying fines, to 7 entities for operating without the required licenses and for breaching marketing regulations.

The Virtual Assets Regulatory Authority (VARA) updated its marketing regulations, which it states is aimed at strengthening the regulatory framework for Virtual Asset Service Providers (VASPs) operating in Dubai but whose effects transcends to the entire UAE and GCC region. VARA has introduced a comprehensive Marketing Guidance Document to provide clear and actionable insights for VASPs engaging in marketing activities within the region. The new regulations will come into effect on October 1st 2024.

As per the press release, marketing Regulations for Virtual Assets and Related Activities 2024 are designed to enhance the integrity and transparency of marketing practices within the virtual assets sector in Dubai.

The updated regulations place a strong emphasis on the accuracy of marketing communications, the avoidance of misleading information, and the protection of consumer interests. They apply to all entities involved in marketing virtual assets or related activities, regardless of their licensing status with VARA.

VARA also issued a new Marketing Guidance Document that will serve as a vital resource for VASPs. This document provides detailed instructions and best practices on how to conduct compliant marketing activities in Dubai, ensuring that VASPs can navigate the regulatory landscape with confidence. The guidance covers a range of topics, including the appropriate use of language in marketing materials, disclosure requirements, and the ethical considerations that should underpin all marketing efforts.

“As the world’s first independent regulator for virtual assets, VARA is dedicated to creating a regulatory environment that not only protects consumers but also supports the growth and innovation of the virtual assets sector,” said Matthew White, CEO of VARA. “Our updated marketing regulations and the newly issued guidance document reflect our commitment to maintaining Dubai’s position as a global leader in digital finance. We believe that by providing clear and actionable guidance, we can help VASPs deliver their services responsibly, while fostering greater trust and transparency in the market.”

The new guideline aims to make the marketing of that VASPs undertake to be fair, clear and not misleading so that participants and investors can make informed decisions based on marketing materials. The guideline covers anything from memes, short videos to articles. As per VARA the marketing articles, videos, or memes should use plain language, clear and concise.

As per the guidelines, the “fair, clear and not misleading” requirement should be assessed in a manner which is proportionate to the means of communication, content, target audience and/or the nature of the product or service being promoted. Different audiences may require variations in the content and presentation of the Marketing materials.

As per VARA, for instance, marketing addressed to broad retail clients may need to include more information on potential risks of investments.

 In addition, the marketing materials should provide a balanced impression of the product or service being promoted, so that recipients can make informed investment decisions. For example, Marketing materials should not emphasise or exaggerate potential benefits or investment returns without indicating relevant risks and should not omit or obscure important information, statements, or warnings.

License announcements should not imply VARA endorsement

Marketing should clearly state the regulatory status of any product, service and/or platform involved, whether in Dubai or, if applicable, other jurisdictions. This includes not containing messages which may mislead the public with regards to a business’s licensing status or scope of regulated activities.

For example, a person must not present VARA’s approval of the issuance of a Virtual Asset as a regulator’s endorsement of the quality of the Virtual Asset or its issuer.

Sponsored VASP Content

Moreover, if material has been paid for either as an advertisement, advertisement feature or promoted or sponsored content in a prominent place, it needs to be identified as such.

For example, large billboard advertisements in public areas, will be viewed as being obviously identifiable as promotional in nature without the need for additional wording as it is widely understood by the public that such areas are used for advertisements.

Social media posts can include both promotional and non-promotional content and as such must be identified as Marketing.

For any sponsored content, it should be clearly stated that the content is sponsored, along with the name of the sponsor (if the sponsor is not readily identifiable from the content) (e.g. “sponsored content”, “sponsored by ABC VASP”, “paid content brought to you by ABC VASP”, “in paid partnership with ABC VASP”) in a prominent place of the content (e.g. next to the heading of the content).

VARA showcased what it qualifies as monetary and non-monetary incentives. These include offers of:

•             incentives when investing in a Virtual Asset for the first time, or signing up for an Entity’s service provided as part of any VA Activity for the first time;

•             incentives where the client refers another Entity to invest in a Virtual Asset or use an Entity’s service provided as part of any VA Activity;

•             special offers when investing a particular amount in Virtual Assets;

•             offer of gifts or other incentives once an investment in a Virtual Asset has been made or once an Entity has signed up for an Entity’s service provided as part of any VA Activity; or

•             offer of gifts or other incentives for making additional investments when already using a product and/or service.

Monetary or non-monetary incentives should be made available for an adequate period of time so that they do not create a sense of urgency for recipients of Marketing to acquire Virtual Assets and/or use services as part of any VA Activities in anticipation of future appreciation in value or profits, or create a fear of missing out on future appreciation in value or profits due to inaction, in compliance with Marketing Regulation

While disclaimers need to be legible or audible and easy to spot.

The Role of journalists and influencers

The VARA guideline defines journalists as media personnel (content creators and/or presenters) that are duly licensed by the Media Regulatory Office of the UAE; and foreign media correspondents that are duly accredited by the Media Regulatory Office of the UAE.

 “Key opinion leaders” and/or influencers are not regarded as journalists and do not qualify for consideration under the journalistic exemption.

 VARA will assess the overall purpose of content to determine whether it qualifies for the respective exemption, or whether the content is Marketing.

 In doing so, VARA will consider whether the content taken as a whole , including any promotional material contained in it – including merchandise and/or give-aways at events, charities, ceremonies etc. – is for the promotion of any Virtual Asset or service provided as part of a VA Activity or the VASP.   

Educational content generally means content which is purely educational and for informational purposes only without the intention of leading the recipients to engage in the activity of investing in a Virtual Asset or signing up for a service provided as part of a VA Activity.

Educational content which does require buying a Virtual Asset for use, or using a service provided as a VA Activity, at any stage, should limit these to where they are necessary and provide multiple options, or explain that multiple options are available, where possible.

Content which is sponsored or paid for in return for any monetary or non-monetary benefit for the author Entity will not qualify as “educational content”.

Readers are reminded that educational content must still include prominent disclaimers where they are required in the Marketing Regulations, as applicable.

Whats app groups and Telegram groups are included

VARA considers purely personal or private communications as only those that include friends, family or colleagues.

Any communications which are accessible by fifty (50) individuals or more in aggregate, whether directly or indirectly, would not be considered personal or private. Communications which are accessible by fewer than fifty (50) individuals may still be considered as Marketing, and not deemed to fall within this exemption.

Conclusion

In Conclusion VARA considers that overall campaign in UAE or those targeting GCC (Gulf Cooperating Council) whether local newspaper, mail, broadcast online or physicals will be considered by VARA.

This includes marketing campaigns that use AED as the denominator currency or one of the denominator currencies in Marketing materials; campaigns with Emirati Arabic dialect or uses local slang, ‘in words’ or phrases (either in English or Arabic); campaigns using UAE and/or Dubai imagery (including, but not limited to, the UAE flag, Dubai skyline); campaigns using UAE celebrities or famous individuals with large influence base/followings in the UAE; any Marketing in public areas in the UAE; maintaining any communication channels which target UAE residents (e.g. chatrooms or social media pages); promotional plan(s) specifically addressing/intending to target the UAE; and/or restrictions (if any) that have been put in place to prevent or restrict UAE residents from accessing Marketing materials (e.g. geoblocking of websites or advertising campaigns).