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Dubai’s Virtual Assets Regulatory Authority (VARA) has slammed penalties on seven entities for operating without required licenses in the emirate and issued cease and desist orders.
Fines of up to AED 100,000 ($27,000) as well as cease and desist orders had been issued as part of enforcement efforts targeting unlicensed entities and breaches of marketing regulations.
The entities were not named but the announcement comes after the authority announced strengthened marketing regulations last month.
A regulatory statement from VARA and the Government of Dubai said further investigations are underway in collaboration with local authorities.
The authority also warned the public not to engage with unlicensed virtual assets service providers (VASPs), adding that only firms licensed by VARA are permitted to operate in or from Dubai.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
