Dubai Virtual Assets Authority issues cease-and-desist orders and fines seven crypto entities for non-compliant activities

The Dubai Virtual Asset Regulatory Authority (VARA) is one of the regulatory agencies in the cryptocurrency industry in the United Arab Emirates. VARA has imposed fines on seven cryptocurrency entities for operating without the required licenses and violating marketing regulations. VARA has not disclosed the names of these entities and stated that it is investigating them with the local government. The fines for each entity range from 50,000 dirhams (approximately $13,600 USD) to 100,000 dirhams.