United Arab Emirates: VARA investigation into virtual asset providers' compliance with operational licensing requirement
Progress
Current status
in force
08 Oct 2024 in force
Scope
Implementers
United Arab Emirates
Policy Area
Authorisation, registration and licensing
Policy Instrument
Operational license requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
other regulatory body
Implementation Level
subnational
Timeline of events
Announced VARA enforcement actions against unlicensed virtual asset
On 9 October 2024, the Virtual Assets Regulatory Authority (VARA) issued fines and cease-and-desist orders to seven entities found operating without the required licences. Fines ranged from AED 50'000 to AED 100'000, with penalties applied based on …
SourceEvent type
investigation
Action type
ruling
Government branch
executive
Government body
other regulatory body