C. Case Study – Journalistic Content
Below is a news report published by DubaiCryptoReporter, a fictional news website operating in Dubai. For the purposes of this case study, assume: (i) DubaiCryptoReporter is appropriately licensed in the UAE to operate an online news and media service with a focus on the virtual assets industry; and (ii) no other licences are required by DubaiCryptoReporter to operate its platform and publish the article in Figure (9) below. | |
Figure (9): Online news article published by DubaiCryptoReporter | |
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COMPLIANT: Overall purpose is clearly not marketing. | |
It is apparent that the overall purpose of this article is to report on the fact that ABC VASP has received a Licence from VARA to provide Exchange Services in Dubai. Although there are references to ABC VASP’s service offerings and the VA1 which is listed on the exchange, these serve to provide additional context, rather than to market or promote ABC VASP or the VA1. This article therefore falls within the journalistic exemption in Marketing Regulation I.D.1. | |
At the end of the article, the following disclaimer is displayed in the same font as the main body of the article: | |
Figure (9a): Disclaimer in online news article published by DubaiCryptoReporter | |
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COMPLIANT: Prominent disclaimer of author’s holding of a virtual asset, as well as volatility and risk of total loss. | |
| (i) | explanation of the nature of the author’s interest in any Virtual Asset, VA Activity and/or VASP to which the content relates; and |
| (ii) | if the content refers to the purchase of a Virtual Asset, a disclaimer that Virtual Assets may lose their value in part or in full and are subject to extreme volatility at times. |
In terms of presentation, disclaimers should be shown in a form equal to or more prominent than the form of the content itself (see guidance on “prominent disclaimer” in Part I of this Guidance on Marketing Regulations). | |
The text in the green box in Figure (9a) is an example of a compliant disclaimer. | |