10 October, 2024
Dubai Cracks Down on Unlicensed Crypto Firms: Fines Issued
10 October, 2024
In a decisive move to strengthen its regulatory framework for virtual assets, Dubai’s Virtual Assets Regulatory Authority (VARA) has levied fines on seven entities operating without proper authorization or violating marketing regulations. The penalties range from $13,600 to $27,200, signaling VARA’s commitment to ensuring a safe and transparent crypto ecosystem within the emirate.
This action underscores the importance of compliance in Dubai’s burgeoning crypto sector. VARA’s strict enforcement measures aim to protect investors and foster responsible growth within the industry.