On Tuesday, the Dubai Virtual Asset Regulatory Authority (VARA) announced that it has imposed financial penalties and cease and desist orders on 19 companies operating outside its regulatory purview. VARA said the sanctions are part of its ongoing efforts to protect the emirate's fast-growing digital asset ecosystem and limit the risk of unlicensed crypto activities.
All sanctioned entities were ordered to cease operations immediately and to stop promoting any unlicensed services in or from Dubai. The entities were also fined 100,000 to 600,000 dirhams (27,000 to 163,000 USD) depending on the severity and scope of the violation.
Dubai regulators crack down on 19 unlicensed cryptocurrency operators
2025-10-07 10:30:09
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