Dubai’s VARA Fines 19 Unlicensed Crypto Firms, Halts Operations

Dubai's VIRTUAL Assets Regulatory Authority (VARA) has imposed fines on 19 companies for operating without licenses and breaching marketing regulations. Penalties range from AED 100,000 to AED 600,000, with cease-and-desist orders issued to halt unauthorized activities.

The UAE's tightening regulatory framework reflects its ambition to become a global hub for virtual assets while ensuring market safety and transparency. VARA's enforcement actions target unlicensed operators, including UAEC Digital Fintech FZCO, MORPHEUS SOFTWARE TECHNOLOGY FZE (FUZE), and TON DLT Foundation, among others.

Unlicensed crypto operations in Dubai now carry significant financial, legal, and reputational risks. Only VARA-licensed entities may legally provide virtual asset services within the emirate.