Dubai Regulator Fines 19 Unlicensed Crypto Firms Up to $160K

Dubai's Virtual Assets Regulatory Authority (VARA) has levied fines against 19 cryptocurrency firms operating without licenses, with penalties ranging from $27,000 to $163,000. The crackdown underscores the regulator's commitment to enforcing compliance in one of the Middle East's most prominent crypto hubs.

VARA issued cease-and-desist orders alongside the fines, calibrated to the severity of violations. The regulator did not disclose specific company names but emphasized that unauthorized marketing and unlicensed operations violate its mandate. "Enforcement is critical for maintaining trust in Dubai's VIRTUAL asset ecosystem," stated VARA's Regulatory Affairs and Enforcement Division.

The MOVE signals heightened scrutiny as Dubai seeks to position itself as a regulated gateway for digital asset innovation. All penalized firms must immediately halt operations and cease promoting unlicensed services.