Dubai Cracks Down on Unlicensed Crypto Firms: 19 Face Penalties

Dubai’s financial authorities have intensified their grip on the cryptocurrency market, issuing fines to 19 unlicensed firms operating in the emirate. The Virtual Assets Regulatory Authority (VARA) aims to ensure compliance and protect investors as Dubai seeks to solidify its position as a global crypto hub. This crackdown underscores the regulator’s commitment to upholding transparent and secure practices within the booming cryptocurrency industry.