Dubai Crypto Regulator Fines 18 Firms for Compliance Breaches

VARA says 18 licensed virtual asset service providers have so far been issued fines for failing to comply with its directives and regulatory guidance.

• Enforcement actions are a prerequisite to remedy compliance breaches, VARA tells Bloomberg News in a statement
• Warns of additional fines, enforcement actions if regulatory gaps are not actively addressed by year end
• NOTE (Nov. 16): VARA poised to levy fines on over a dozen crypto firms

To contact the reporter on this story:
Ben Bartenstein in Dubai at bbartenstei3@bloomberg.net

To contact the editor responsible for this story:
Adveith Nair at anair29@bloomberg.net

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