Core Points - The Dubai Virtual Assets Regulatory Authority (VARA) has sanctioned 19 crypto firms for operating unlicensed Virtual Asset operations and violating marketing regulations [1][2] - The penalties include cease-and-desist orders and fines ranging from AED 100,000 ($27,300) to AED 600,000 ($163,000), depending on the severity of the violations [1][2] - The sanctions serve as a public warning about the financial, legal, and reputational risks associated with unlicensed operators [2] Regulatory Actions - All penalized companies must cease operations immediately and stop promoting unlicensed Virtual Asset services in or from Dubai [3] - VARA had previously fined seven unlicensed crypto companies in October 2024, with fines ranging from AED 50,000 ($13,612) to AED 100,000 ($27,225) [3] - VARA has strengthened its marketing requirements, mandating disclaimers on promotional materials and requiring prior authorization before marketing to citizens and residents [4] Marketing Regulations - Updated regulations aim to prevent misleading information and prioritize consumer protection, addressing aspects like language use and full disclosures [4] - Violations of marketing regulations can result in fines up to AED 10,000,000 ($2.7 million) [5] - Entities providing virtual asset services in Dubai must secure a VARA license, which includes a process starting with Initial Approval and progressing to a full Virtual Asset Service Provider (VASP) license [5] Compliance by Crypto Platforms - Cryptocurrency platforms such as Crypto.com, Bybit, Deribit, and HashKey Group have complied with VARA's requirements by obtaining provisional approval, allowing them to offer virtual asset exchange services in Dubai [6]