Dubai sanctions 19 unlicensed virtual asset firms, imposes up to $160,000 in fines

The Virtual Assets Regulatory Authority (Virtual Assets Regulatory Authority) in Dubai has sanctioned 19 virtual asset (cryptocurrency) related firms for operating without a license or violating advertising rules.

On the 7th (local time), Cointelegraph reported that the authority issued suspension orders and imposed fines of 100,000–600,000 dirhams (about $27,000–163,000) on companies that violated the regulations. The authority said the action was "a firm measure to strengthen trust in Dubai's virtual asset ecosystem and protect investors."

It added, "Enforcement of fines is a key element in maintaining trust and stability within Dubai's virtual asset ecosystem," and said it would "ensure that only firms meeting the highest levels of compliance and governance can operate."

The sanctions were imposed after it was found that some firms provided virtual asset-related services without authorization and violated marketing regulations revised in 2024. Since last year, the authority has required that all advertisements and promotional materials include clear cautionary statements and that firms obtain prior approval before marketing services to citizens and residents.

The authority emphasized that "unauthorized operations and unapproved marketing activities will not be tolerated" and that it will "continue to strengthen measures to maintain transparency, investor protection, and market soundness."