Dubai's VARA Enforces Strict Penalties on Unlicensed Virtual Asset Entities

Dubai’s Virtual Assets Regulatory Authority (VARA) has imposed penalties on seven entities for operating without the necessary licenses and breaching marketing regulations. The enforcement actions included fines of up to AED 100,000 ($27,000) and cease and desist orders to halt unlicensed operations.

Although the names of the entities were not disclosed, this move follows VARA’s recent tightening of marketing regulations in the virtual assets sector. The authority emphasized that further investigations are ongoing in cooperation with local authorities.

VARA also urged the public to avoid engaging with unlicensed virtual asset service providers (VASPs) and reiterated that only licensed firms are authorized to operate within Dubai.

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