CoinVoice has recently learned that according to CoinDesk, the Dubai Virtual Asset Regulatory Authority (VARA), one of the regulators of the cryptocurrency industry in the United Arab Emirates (UAE), said it has fined seven "entities" for operating without obtaining the required licenses and violating marketing regulations.
VARA did not name the entities and said it was investigating them with local authorities. The fines for each entity ranged from 50,000 dirhams ($13,600) to 100,000 dirhams. “All relevant entities have been directed to immediately cease all activities and stop marketing or advertising any virtual asset services,” the statement said. VARA said the move was also a public warning to everyone to avoid dealing with any unlicensed companies. [Original link]