VARA fines 19 firms for unlicensed crypto ops and marketing breaches

Dubai's Virtual Assets Regulatory Authority on Tuesday fined 19 companies for operating without licences and breaching marketing rules, issuing immediate cease and desist orders as part of a stepped-up enforcement drive to bolster oversight of the emirate's digital asset market. VARA said the firms were penalised after investigations found they were offering crypto-related services without approval or failing to comply with recent marketing requirements; fines ranged from AED 100,000 to AED 600,000 depending on the seriousness and scope of each violation.

VARA's Enforcement Division said the measures aim to protect investors and preserve the integrity of Dubai's virtual asset ecosystem. "Enforcement is a critical component of maintaining trust and stability in Dubai's Virtual Asset ecosystem," the division said in a statement. All penalised entities were ordered to immediately halt operations and to stop promoting unlicensed services in or from Dubai.

The action follows regulatory changes introduced in 2024 that tightened marketing rules for virtual asset service providers. Under the updated framework, firms must include clear disclaimers on promotional materials and obtain...