Dubai’s crypto regulator, VARA, has fined 19 firms for operating without licenses and breaching strict marketing compliance rules.
The Dubai Virtual Assets Regulatory Authority (VARA) has sanctioned 19 crypto firms for operating unlicensed and violating its Marketing Regulations, issuing fines ranging from AED 100,000 ($27,300) to AED 600,000 ($163,000). The regulator also issued cease-and-desist orders, warning investors of the financial and reputational risks of engaging with unlicensed operators.
VARA emphasized that enforcement is crucial to maintaining trust and stability in Dubai’s fast-growing Virtual Asset ecosystem. All sanctioned firms must immediately halt operations and promotional activities.
This move follows a similar crackdown in October 2024, when seven unlicensed firms were fined. Since then, VARA has tightened its marketing and licensing rules, requiring clear disclaimers and prior authorization for promotions.
By enforcing stricter compliance standards, Dubai aims to build a transparent, secure crypto hub. The UAE now ranks among the world’s most crypto-active nations, attracting global blockchain players and record foreign investment in digital assets.
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