The Dubai Virtual Assets Regulatory Authority (VARA) is stepping up oversight of the city’s expanding virtual asset industry. Recently, it fined 19 companies for operating without proper licenses and ordered them to cease their activities. The authority has imposed fines from AED 100,000 to AED 600,000 ($27,000–$163,000), and the amount of the fines depended on how serious and widespread the violations were.
According to the official statement, VARA’s investigations showed that the 19 companies were doing illegal activities with virtual assets and breaking the authority’s strict rules about marketing. The companies have been ordered to stop all business and stop advertising unlicensed services in or from Dubai right away.
The Regulatory Affairs and Enforcement Division of the authority stressed the wider effects of the enforcement. The Enforcement division said that they aim to protect people who invest money by making sure companies follow rules and to keep the market stable and fair for everyone involved by ensuring that the virtual asset market in Dubai is open, honest, and trustworthy.
VARA has warned people not to deal with unlicensed crypto companies because it can be risky for their money, legal safety, and reputation. This action comes as Dubai’s crypto market grows fast and attracts big companies from around the world.
Dubai to balance crypto growth with strict rules
The United Arab Emirates (UAE) is considered crypto-friendly because it welcomes and supports businesses and activities related to cryptocurrencies and blockchain technology.
On June 3, 2025, the Solana Foundation signed an agreement (MOU) with Dubai’s Virtual Assets Regulatory Authority (VARA) to make Dubai a top spot for crypto globally. Further, on July 7, 2025, Dubai’s Land Department signed an agreement with Crypto.com to explore blockchain and Crypto in Real Estate.Â
On July 13, 2025, Emirates Airlines and Dubai Duty Free revealed that they will begin to accept cryptocurrency payments, such as Litecoin (LTC), by 2026. On August 19, 2025, the UAE launched Solana City, the first official hub for Solana ecosystem teams.
But the recent fines show that VARA is now putting quality ahead of quantity and trying to get rid of operators who don’t follow the rules. Dubai is making its rules clearer.
In October 2024, the Dubai Virtual Assets Regulatory Authority (VARA) took action against seven companies that were operating cryptocurrency businesses without proper licenses. VARA fined each company between $13,600 and $27,200 and ordered them to stop their activities immediately because they broke the rules.
Further, on October 2, 2025, Abu Dhabi’s Agriculture and Food Safety Authority (ADAFSA) imposed a ban on cryptocurrency mining on agricultural lands.
Also Read: Abu Dhabi Confirms the Prohibition of Crypto Mining on Farms
