Dubai's Virtual Assets Regulatory Authority (VARA) issued fines and cease-and-desist orders against seven unidentified crypto entities for unlicensed operations and marketing violations, signaling regulatory enforcement.
The fines imposed range from 50,000 dirhams ($13,600) to 100,000 dirhams for the unlicensed entities, demonstrating VARA's commitment to regulating the rapidly expanding crypto sector.
Despite efforts to position itself as a crypto hub, VARA's actions serve as a stark reminder that all entities must comply with licensing and marketing standards.
This decisive measure from VARA acts as a public warning, urging stakeholders to refrain from engaging with unlicensed firms amid Dubai's ambitions in the virtual asset space.
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