Dubai's Virtual Assets Regulatory Authority (VARA) is intensifying its oversight of cryptocurrency businesses, targeting those that are unlicensed or flouting marketing regulations.
On October 9, the authority issued fines and cease-and-desist orders to seven firms for operating without the necessary permits and for breaching advertising guidelines.
While VARA has not disclosed the names of the sanctioned companies, it announced plans for further investigations in collaboration with local authorities. The regulator has also advised the public to steer clear of unlicensed crypto firms, warning that engaging with them could lead to financial and reputational risks, as well as potential legal repercussions.
In its statement, VARA emphasized that only licensed entities are permitted to offer virtual asset services in Dubai. The authority noted that it will take a firm stance against unauthorized operations and marketing of virtual assets, reaffirming its commitment to transparency and protecting stakeholder interests.
Each of the seven entities received fines ranging from 50,000 AED (about $13,600) to 100,000 AED (around $27,200) and was ordered to cease all crypto-related activities and marketing promotions.
Bitvavo, Europe’s largest euro-denominated spot crypto exchange, has officially received a MiCA license from the Dutch Authority for the Financial Markets (AFM), allowing the firm to operate across all 27 European Union member states.
In just two months, crypto tax platform CoinLedger observed a staggering 700% surge in the number of U.S. users receiving IRS warning letters, signaling a sharp escalation in federal tax enforcement targeting digital asset holders.
Ripple CEO Brad Garlinghouse announced Friday that the company is officially dropping its cross-appeal in its long-running legal battle with the U.S. Securities and Exchange Commission (SEC), signaling a final move toward ending the years-long case.
Cryptocurrency exchange Gemini has announced the launch of tokenized MicroStrategy (MSTR) stock for customers in the European Union, enabling onchain access to one of the most prominent Bitcoin-related equities.