Dubai VARA fines seven cryptocurrency entities, issues cease-and-desist orders

Dubai Virtual Asset Regulatory Authority (VARA), one of the regulators of the cryptocurrency industry in the United Arab Emirates, said it has fined seven cryptocurrency entities for operating without the required licenses and violating marketing regulations. VARA did not name the entities and said it is investigating them with the local authorities. The fines for each entity ranged from 50,000 dirhams (about $13,600) to 100,000 dirhams. (Coindesk)