Dubai Virtual Assets Regulatory Authority fines seven crypto companies up to 100,000 dirhams for lack of licenses and violating marketing rules 🌐💰

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Dubai's Virtual Assets Regulatory Authority (VARA) fined seven unnamed crypto companies and issued them cease and desist orders. These companies operated without the necessary licenses and violated marketing regulations. The fines range from 50,000 to 100,000 dirhams ($13,600 - $27,200) for each company.

VARA, together with local authorities, is conducting an investigation, and the companies are required to immediately cease all operations and halt the promotion of services related to virtual assets.

This move appears unusual for a region that seeks to establish itself as a global crypto hub.

This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.

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