The Virtual Assets Regulatory Authority (VARA) in Dubai has further strengthened its supervision of the market for digital assets. The authority announced this in a recent press release, to take action against several unlicensed providers of crypto services and Fines in the amount of AED 50,000 to 200,000 to be imposed. In total seven companies who were operating within the Emirate without a valid licence.
With these measures, VARA aims to ensure that all market participants comply with the existing licence requirements and adhere to the regulations applicable to the trading and marketing of virtual assets in Dubai. The authority emphasised that its focus remains on Consumer protection, market transparency and integrity of the financial system lies.
Consistent enforcement of supervision
According to VARA, all companies that offer or advertise virtual assets in Dubai must first apply for a corresponding licence and comply with the regulatory framework. Those who violate these requirements risk severe penalties and possible restrictions on their business activities.
The latest measures are part of a more comprehensive Enforcement programme, with which the authority intends to consistently curb unlicensed activities in the crypto sector. In addition to fines, affected companies have been instructed to cease their business immediately and to stop any advertising or services in connection with virtual assets.
Goal: Trust and clear market standards
VARA emphasises that a transparent, regulated market is crucial for the long-term development of the digital finance sector in the United Arab Emirates.
The consistent application of supervisory measures is intended to Investors protected and prevents unfair market practices become.
With this line, Dubai continues to position itself as one of the world's leading locations for regulated crypto and blockchain services - with the claim, Harmonising innovation and supervision.
