United Arab Emirates: Announced VARA enforcement actions against unlicensed virtual asset
Description
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 …
Scope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Operational license requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
subnational
Government Branch
executive
Government Body
other regulatory body