Dubai Regulator Cracks Down on 19 Unlicensed Cryptocurrency Operators

Jinse Finance reported that on Tuesday, the Dubai Virtual Assets Regulatory Authority (VARA) announced that it had imposed financial penalties and cease-and-desist orders on 19 companies operating outside its regulatory scope. VARA stated that these sanctions are part of its ongoing efforts to protect the emirate’s rapidly growing digital asset ecosystem and to limit the risks of unlicensed crypto activities. All penalized entities have been ordered to immediately cease operations and to stop promoting any unlicensed services in or from Dubai. These entities were also fined between 100,000 and 600,000 dirhams (27,000 to 163,000 US dollars), with the specific amount depending on the severity and scope of the violations.