Pursuant to, and to be read in conjunction with issued Administrative Order No. 01 of 2022 relating to regulation of marketing, advertising and promotions related to virtual assets [Marketing Regulation], the Dubai Virtual Assets Regulatory Authority [VARA] Undertakes to impose the following fines and penalties in the event of violation or non-compliance
PREAMBLE
1. Pursuant to Article 18 of the Dubai Virtual Asset Law, VARA may take actions, or measures of suspension or restriction, as set out in that Article, with respect to any violations of the Marketing Regulation.
2. Pursuant to Article 20 of the Dubai Virtual Asset Law, VARA may issue fines or take any of the enforcement measures as set out in that Article, with respect to any violations of the Marketing Regulation.
3. In addition to any consequences under all other applicable laws, regulations, guidance or rules, an Entity that commits any of the violations mentioned below will be subject to, in the first instance [i] a cease and desist warning from VARA; and thereafter as may be deemed necessary, [ii] corresponding penalties indicated hereunder.
4. Penalty Incremental to Fi...