The Virtual Assets Regulatory Authority (VARA) has ordered 7 organizations to suspend all activities and marketing campaigns related to virtual assets. In addition, fines ranging from AED 50,000 to AED 100,000 were imposed.
It should be noted that Regulations on the Marketing of Virtual Assets and Related Activities 2024 came into force in Dubai on October 1, 2024. Now only Virtual Asset Service Provider (VASP) companies licensed by VARA, or on behalf of and approved by such companies can provide virtual asset marketing services in or from Dubai. Fines for companies for operating without a license reach AED 10 million.
In addition, Decision No. 99 of 2024 came into effect on October 16, 2024. It establishes a list of offences and administrative penalties for violations of the rules related to virtual assets in the UAE. According to the Decision, conducting activities involving virtual assets without a license will result in a fine of up to AED 500,000.
VARA urges individuals and organizations against cooperating with unlicensed firms since this can lead to financial and legal implic...