Dubai’s Virtual Assets Regulatory Authority (VARA) has penalized 19 crypto-related businesses for running without official clearance.
These firms were ordered to stop operations immediately and refrain from promoting services that lacked authorization.
The action involved both financial penalties and formal warnings. Fines ranged between 100,000 and 600,000 dirhams (approximately $27,000 to $163,000), depending on the severity of each case.
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According to VARA, these measures aim to regulate the crypto industry and protect users from potential risks. An internal investigation found the companies in question were either offering crypto services without approval or promoting their products without meeting local requirements.
VARA’s enforcement division stated that taking firm action is necessary to ensure public confidence in the market. The division stated:
Unlicensed activity and unauthorised marketing will not be tolerated.
Matthew White, the head of VARA, previously commented that these regulations are meant to hold service providers accountable. He noted that by following clear standards, companies help build trust and transparency within the local market.
The 19 businesses involved have been told to end any operations and promotions that fall outside the legal framework. VARA confirmed that it will continue to monitor the industry and take action against any breaches it identifies.
Poland’s parliament recently took a step toward regulating digital asset services by approving Bill 1424. What does the bill cover? Read the full story.
