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Dubai’s VARA Fines 19 Crypto Firms for Unlicensed Operations in Regulatory Crackdown
Dubai’s VARA Fines 19 Crypto Firms for Unlicensed Operations in Regulatory Crackdown
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BTCCSquare news:
Dubai's Virtual Assets Regulatory Authority (VARA) has levied fines against 19 cryptocurrency firms for operating without licenses and violating marketing regulations. Penalties range from AED 100,000 to AED 600,000, reflecting the severity of infractions.
The enforcement action follows targeted investigations into unlicensed VIRTUAL asset activities. Each sanctioned entity received cease-and-desist orders, with VARA emphasizing strict compliance with authorization protocols and promotional guidelines.
This crackdown reinforces Dubai's commitment to establishing a transparent, regulated digital asset ecosystem. Regulatory bodies globally are increasing scrutiny as cryptocurrency adoption grows, balancing innovation with investor protection.
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