Dubai’s Virtual Assets Regulatory Authority (VARA) has taken decisive action against unlicensed activity in the emirate’s crypto sector, issuing fines to 19 firms found operating without the required authorization.
The enforcement drive highlights VARA’s firm stance on regulatory compliance and market integrity as Dubai strengthens its framework for virtual assets.
Following a series of targeted investigations, VARA identified multiple virtual asset service providers (VASPs) that were conducting operations or marketing crypto services without proper approval. The regulator imposed financial penalties ranging from AED 100,000 to AED 600,000, depending on the gravity of each breach.
In addition to fines, cease-and-desist orders were issued to halt ongoing unlicensed activities. VARA stressed that all firms offering or promoting crypto-related services in Dubai must secure prior regulatory approval.
The penalties also extended to violations of VARA’s marketing and promotion regulations, which mandate clear disclaimers and prior authorization for any virtual asset advertising. These measures were introduced to protect investors from misleading or exaggerated claims and to maintain public trust in the digital asset ecosystem.
VARA’s continued enforcement efforts are part of a broader compliance program aimed at removing unlicensed entities from Dubai’s rapidly growing virtual asset market. By tightening oversight and enforcing penalties, the regulator is working to preserve both legal integrity and market reputation.
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By
Staff Writer
