Recent enforcement action taken by Dubai’s Virtual Assets Regulatory Authority (VARA) against crypto firms shows the emirate’s increased commitment to enforcing its recently tightened legislation. This regulatory move comes after it was revealed earlier this month that Dubai officials have strengthened their crypto regulations including new licensing and marketing statutes for entities operating within the local cryptocurrency. As part of this enforcement and crackdown, VARA reportedly issued 7 penalties against crypto crypto firms without proper licenses and ordered an immediate cease-and-desist of their various operations in the emirates.
Source: <span style="font-weight: 400;">Dubai’s efforts to tighten</span>