Dubai Fines Crypto Firms for Unlicensed Operations, Imposing $163K Penalties

The Dubai Virtual Assets Regulatory Authority (VARA) has issued fines to 19 crypto firms operating without licenses in the emirate. The penalties reach up to $163,000 each, reflecting VARA’s commitment to regulatory compliance and ensuring investor protection within the growing crypto market. 19 firms were sanctioned for engaging in unlicensed activities, with Dubai VARA highlighting the importance of transparency and responsible service delivery.