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This week’s roundup highlights regulatory tightening and innovations in the crypto sector across Asia and MENA. Dubai’s regulator implements new crypto marketing rules, which will be effective as of October 1, 2024. Meanwhile, in South Korea, Worldcoin was fined $830,000 for breaching data privacy laws, particularly by collecting sensitive biometric data. With regulatory authorities stepping up oversight across the region, the crypto industry is experiencing a period of transformation that is reshaping its future. As of October 1, 2024, companies promoting virtual assets in Dubai must comply with new marketing regulations introduced by the Virtual Asset Regulatory Authority (VARA). Under these guidelines, crypto advertisements must include a prominent disclaimer highlighting the risks of crypto investments. The disclaimer must clearly state that virtual assets can lose value in full or in part and are subject to significant volatility. In addition to the new disclaimer requirements, VARA has introduced penalties for non-compliance. Firms violating these marketing guidelines could face fines of up to AED 10 million (approximately $2.7 million). Read more: How Does Regulation Impact Crypto Marketing? A Complete Guide The size of the fine will depend on the severity of the infraction. If the company repeatedly violates the regulations, it may also face increased fines. Additionally, virtual asset service providers (VASPs) offering incentives related to virtual assets must now obtain compliance approval from VARA. This ensures that promotional materials do not obscure the risks investors may face when entering the highly volatile crypto market. This regulatory update is part of Dubai’s ongoing efforts to balance crypto innovation with consumer protection. With the region positioning itself as a global hub for blockchain and digital assets, the new rules aim to safeguard retail and institutional investors from misleading promotional content. Worldcoin and TFH Hit with $800,000 Fine for Data Breaches in South Korea South Korea’s…

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Filed under: News - @ September 28, 2024 8:21 pm