These agencies are the Financial Services Regulatory Authority (FSRA), the Virtual Asset Regulatory Authority (VARA), and the Dubai Financial Services Authority (DFSA). Google's (NASDAQ: GOOGL ) new rules come into effect on February 26 and will apply globally to all accounts that advertise cryptocurrency financial products in the UAE.

Google reported that the UAE has become one of the leading crypto hubs in the Middle East, with more than 30% of the population owning cryptocurrency. The popularity of digital assets and their investment appeal has increased significantly after the announcement that the UAE sovereign wealth fund Mubadala invested $436 million in BlackRock's Bitcoin ETF.

According to Google analysts, the monetary volumes for promoting and advertising crypto companies and exchanges in the UAE can vary from $500,000 to $20 million per year per advertiser, depending on the scale of the business. The overall cryptocurrency advertising market in the UAE can reach $50-100 million per year. This includes expenses on digital advertising (Google Ads, social networks), local partnerships, sponsorship of events (for example, Crypto Expo Dubai), as well as PR campaigns.

Earlier, an amendment came into force in the United Arab Emirates on the exemption from value added tax (VAT) for all cryptocurrency transactions of individuals and legal entities.