Dubai’s Virtual Assets Regulatory Authority (VARA) has imposed penalties on seven entities for operating without the necessary licenses in the emirate, accompanied by cease and desist orders. The fines, which can reach up to AED100,000 (approximately $27,000), are part of VARA’s ongoing enforcement efforts aimed at addressing unlicensed operations and breaches of marketing regulations.
While the specific entities involved have not been disclosed, this announcement follows VARA’s recent implementation of stricter marketing regulations aimed at ensuring compliance in the burgeoning crypto sector.
In a statement, VARA, alongside the Government of Dubai, indicated that further investigations are underway in collaboration with local authorities. The authority has also issued a warning to the public against engaging with unlicensed Virtual Assets Service Providers (VASPs), emphasizing that only firms licensed by VARA are authorized to operate within or from Dubai.
This proactive approach underscores Dubai’s commitment to maintaining a secure and regulated environment for virtual assets, reinforcing its position as a leading hub for cryptocurrency and digital finance in the region.
