Dubai regulators warn of risks related to Meme currency

PANews reported on February 14 that according to Cointelegraph, the Dubai Virtual Assets Regulatory Authority (VARA) issued a warning about the risks related to Meme coins, warning investors not to invest in speculative and unregulated assets. On February 13, Dubai crypto regulators warned investors that Meme coins are risky and unregulated, and these assets are speculative, volatile, and susceptible to market manipulation; many of these assets lack intrinsic value and are priced from social media Trends, hypes or misleading promotional strategies. VARA urges investors to act cautiously when receiving unrealistic commitments to returns, stressing that such commitments often presumably presumes fraud. Regulators also warn that Meme coins could collapse quickly and cause significant financial losses in a short period of time. In an investor warning, VARA said Meme coins issued from Dubai must comply with the rules enforced by VARA, which include VARA's marketing regulations covering promotions, advertising and solicitation, and entities engaged in unauthorized virtual asset activities may be subject to law enforcement action.