UAE participates in a global initiative to regulate finfluencers as part of the international campaign Global Week of Action Against Unlawful Finfluencers. Alongside the UAE Securities and Commodities Authority (SCA), participating regulators include the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Italian Commissione Nazionale per le Società e la Borsa (CONSOB), the Hong Kong Securities and Futures Commission (SFC), and several provincial Canadian regulators (BCSC, QAMF, OSC, ASC), working to ensure fair and responsible delivery of financial information in the era of digital assets.
UAE Initiative for Fair Financial Information and the SCA Framework
As digital assets and cryptocurrencies become increasingly integrated not only into the lives of retail investors but also into full-scale national strategies, the number of financial information providers continues to grow. However, the verification of their fairness and credibility is far from ideal, which has led to a series of targeted initiatives aimed at addressing this issue.
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One such initiative is the Global Week of Action Against Unlawful Finfluencers, joined by key jurisdictions such as the United Kingdom, Australia, Italy, Hong Kong, and several Canadian provinces – and the UAE is part of it. The campaign featured public awareness efforts, educational sessions for finfluencers, and enforcement measures, highlighting their impact on investment decisions, particularly among younger audiences, as well as the growing number of regulatory violations, including those reported by IOSCO.
As part of the campaign, the UAE Securities and Commodities Authority (SCA) introduced its approved regulatory framework focused on finfluencers operating through digital channels and social platforms.
As noted by SCA CEO Waleed Saeed Al Awadhi:
“Regulating the activities of finfluencers is no longer optional; it is an absolute necessity in light of the rapid transition to the digital economy and the mounting challenges of investor protection. The adoption of a dedicated regulatory framework for finfluencers in the UAE reflects the Authority’s strategic commitment to promoting transparency and fostering a trustworthy, forward-looking financial ecosystem that aligns with the highest international standards. This, in turn, strengthens investor confidence and ensures the protection of their rights.”
Conclusion
Even in the most developed financial systems like the United States and the European Union, this remains an evolving process with ongoing adjustments. In many other jurisdictions, the regulation of finfluencers is still fragmented and often based on the application of general laws concerning advertising and financial services.
Developing a more targeted framework that accounts for today’s market conditions and technological realities has the potential to bring this area of regulation to a new level – and in the UAE’s case, to contribute meaningfully to its proactive crypto strategy.
