Dubai Cracks Down on Unlicensed Crypto Firms
The Dubai Virtual Assets Regulatory Authority (VARA) has fined 19 companies for operating without licenses. The fines ranged from AED 100,000 to AED 600,000 ($27,000–$163,000), depending on the severity of violations. VARA ordered these companies to stop all activities immediately.
According to VARA’s official statement, the companies broke rules on virtual asset marketing and engaged in illegal activities. VARA’s Enforcement Division said these actions protect investors and ensure a fair, transparent market in Dubai.
VARA warned the public against dealing with unlicensed crypto firms, citing risks to money, legal safety, and reputation. This crackdown comes amid rapid growth in Dubai’s crypto sector.
Dubai’s Crypto Market Expands with Strategic Partnerships
- On June 3, 2025, the Solana Foundation signed a memorandum of understanding with VARA to boost Dubai’s crypto status.
- On July 7, 2025, Dubai’s Land Department partnered with Crypto.com to explore blockchain use in real estate.
- On July 13, 2025, Emirates Airlines and Dubai Duty Free announced plans to accept Litecoin payments by 2026.
- On August 19, 2025, the UAE launched Solana City, the first official hub for Solana ecosystem teams.
Despite this growth, VARA is emphasizing compliance and removing operators who break rules. The authority aims to maintain a trustworthy market environment.
Recent Regulatory Actions in the UAE
In October 2024, VARA fined seven companies between $13,600 and $27,200 for unlicensed crypto operations. These firms were ordered to cease activities immediately.
On October 2, 2025, Abu Dhabi’s Agriculture and Food Safety Authority (ADAFSA) banned cryptocurrency mining on agricultural land to protect farming areas.
