Dubai regulator cracks down on 19 unlicensed crypto operators

Dubai’s Virtual Assets Regulatory Authority (VARA) has imposed financial penalties on 19 companies for operating without licenses, as part of an initiative to enhance oversight and protect investors in the digital asset market. The fines, ranging from 100,000 to 600,000 dirhams ($27,000–$163,000), were issued along with cease-and-desist orders after VARA found these companies offering crypto-related services without the necessary approvals and violating marketing regulations. The enforcement actions align with VARA’s commitment to maintaining a trustworthy and stable virtual assets ecosystem. VARA's CEO emphasized the importance of responsible service delivery and consumer protection in the rapidly growing market. The sanctions also remind the public of the risks involved in engaging with unlicensed operators. VARA continues to prioritize regulation and transparency, reinforcing its licensing framework to support innovation while ensuring safeguards for stakeholders. This crack down follows similar actions against unlicensed firms earlier, highlighting the regulator's ongoing efforts in managing the evolving digital asset landscape.

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