TechFlow news, on October 10, according to CoinDesk, the Dubai Virtual Assets Regulatory Authority (VARA) took regulatory actions against seven unlicensed crypto entities. VARA issued cease-and-desist orders to these unnamed entities and imposed fines ranging from 50,000 to 100,000 AED (approximately $13,600 to $27,200).
The entities are accused of operating without required licenses and violating marketing regulations. VARA has demanded they immediately halt all activities and prohibited them from conducting any marketing or advertising related to virtual asset services. Currently, VARA is collaborating with local government agencies to investigate these entities.
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