Dubai's VARA Fines Seven Cryptocurrency Entities and Issues Cease and Desist Orders

On October 10, Dubai's Virtual Assets Regulatory Authority (VARA), one of the regulators of the cryptocurrency industry in the United Arab Emirates, said it had fined seven cryptocurrency entities for operating without the required licenses and violating marketing regulations.VARA did not disclose the names of the entities and said that it was investigating the entities in conjunction with local authorities. The fines ranged from Dh50,000 (about $13,600) to Dh100,000 per entity.