VARA Cracks Down on Unlicensed Crypto Activity in Dubai

[etfs]

Dubai’s Virtual Assets Regulatory Authority (VARA) recently fined 19 companies for unlicensed virtual asset activity and marketing breaches, including the TON DLT Foundation and Hokk Finance.

The enforcement actions underscore VARA’s focus on regulating the Emirate’s digital asset market, just a day before BitGo received its broker-dealer license.

Many crypto firms are racing to operate legally in Dubai, which continues to attract digital asset businesses under its free zone and development authority framework.

[Nahid10]

Dubai’s tightening regulations were expected. It’s a good move to weed out fake exchanges while still supporting serious players.

[EmTeam]

Regulatory clarity is better than chaos. If VARA maintains balance, Dubai can still stay a global crypto hub without inviting scams.