CandleFocus Dubai virtual asset regulator issues cease and desist orders for 7 VASP entities
2024-10-10
Author: Content Editor
The Virtual Assets Regulatory Authority (VARA) has announced that it will issue cease and desist orders and fines to seven entities for operating without a license and violating marketing regulations. VARA is committed to protecting consumers and investors and maintaining market integrity. The enforcement actions aim to ensure the security of Dubai's virtual assets ecosystem and send a message that operating without appropriate licenses or engaging in unauthorized marketing will not be tolerated. Fines range from AED 50,000 to AED 100,000 per entity. This action follows the introduction of marketing regulations by VARA to strengthen the regulatory framework for Virtual Asset Service Providers (VASPs) in Dubai and the wider region.
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