Dubai Virtual Asset Regulatory Authority: Meme coins must comply with local regulatory rules

On February 14, according to Cointelegraph, the Dubai Virtual Asset Regulatory Authority (VARA) issued an investor warning, requiring Meme coins issued in Dubai to comply with VARA's regulatory provisions.

VARA reminds investors of the risks associated with Meme coins, pointing out that such assets are highly speculative and volatile and are easily manipulated by the market. The agency stated that many such assets lack intrinsic value and their prices are mainly driven by social media trends, hype or misleading marketing strategies.

According to regulations, Meme coins issued in Dubai must comply with VARA's marketing laws, including provisions on promotion, advertising and solicitation. It is worth noting that institutions violating marketing rules may face fines of up to $135,000. At the same time, VARA also warned that it has the right to restrict access to Meme coin platforms without prior notice.