Dubai's VARA Fines Seven Crypto Entities for Operating Without Licenses

According to Foresight News, the Dubai Virtual Assets Regulatory Authority (VARA), one of the regulatory bodies overseeing the cryptocurrency industry in the United Arab Emirates, has imposed fines on seven cryptocurrency entities. These fines were issued due to the entities operating without the necessary licenses and violating marketing regulations. VARA did not disclose the names of the entities involved and stated that it is collaborating with local government authorities to investigate these entities further. The fines for each entity range from 50,000 dirhams (approximately $13,600) to 100,000 dirhams.