Dubai’s Virtual Assets Regulatory Authority (VARA) has required cryptocurrency companies providing services in the United Arab Emirates to include a disclaimer in their advertisements.
Starting from October 1, all virtual asset service providers (VASPs) in the UAE are required to clearly and intelligibly display in their advertising their disclaimer of liability for the risks associated with cryptocurrency investments.
“VASP disclaimers must clearly state that virtual assets may lose all or part of their value, are subject to extreme volatility, and that investments in digital assets are not covered by the government’s private deposit protection program,” the agency said.
Officials say they want to increase transparency in crypto businesses and protect investors. The disclaimer means that crypto investors will be informed in advance of their responsibilities and risks associated with investing in digital assets, VARA clarified.
Earlier, the Dubai Financial Services Authority (DFSA) announced changes to the provisions of national legislation in terms of simplifying the regime for offering digital assets, as well as reducing the fees for its services.
