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Saudi Arabia To Require Individuals To Procure Social Media Ad Licenses

To avoid financial penalties, individuals publishing ads on social media platforms are required to obtain a license before October 1, 2022.

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saudi arabia to require individuals to procure social media licenses

Soon, it will be more difficult for individuals in Saudi Arabia to advertise on social media because the Saudi Arabian government has decided to make it mandatory for those publishing ads on social media platforms to obtain social media ad licenses.

“This move would contribute to regulate the advertising sector and digital content in the Kingdom,” said acting Minister of Media Dr. Majed Al-Qasabi.

One license will cost SR15,000 ($4,000), and it will be valid for three years. Applications will be accepted through the I’lam platform, and they will be available to all Saudi citizens living in the Kingdom or abroad as well as to the citizens of the Gulf Cooperation Council (GCC) states (Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates).

One Saudi influencer, Abdullah Al-Sabaa, has already applied for his license, and he said that the entire process took only a few minutes. Sabaa believes that the move will help regulate the advertising market on social media — something he sees as a positive development.

With each license come certain conditions and obligations that must be fulfilled. For example, license holders will be required to provide any data requested by the General Commission for Audiovisual Media, and they must stop advertising any content prohibited by a directive issued by the commission.

Also Read: Dubai’s Finance Strategy For 2026 Hopes To Achieve Financial Sustainability

To avoid financial penalties, individuals publishing ads on social media platforms are required to obtain a license before October 1, 2022.

The United Arab Emirates already requires individuals to obtain a similar license. The UAE license also costs $4,000, but it’s valid only for one year instead of three.

The global social media advertising market was valued at a little over $180 billion in 2021, and it’s estimated that it will reach $330 billion by 2025. What are your thoughts on social media ad licenses?

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Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

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binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.

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