Dubai regulator cracks down on 19 unlicensed cryptocurrency operators

on Tuesday, the Dubai Virtual Assets Regulatory Authority (VARA) announced that it has imposed economic penalties and cessation orders on 19 companies operating outside its regulatory scope. VARA stated that these sanctions are part of its ongoing efforts to protect the rapidly growing digital asset ecosystem of the emirate and limit the risks of unauthorized crypto activities.

All sanctioned entities have been ordered to immediately cease operations and stop promoting any unauthorized services in or from Dubai. These entities have also been fined between 100,000 and 600,000 dirhams (27,000 to 163,000 USD), depending on the severity and scope of the violations.