Dubai regulator fines TON DLT Foundation and 18 other VASPs

Dubai’s Virtual Asset Regulatory Authority (VARA) has penalized 19 VASPs for carrying out unlicensed virtual asset activities and for breaches of VARA’s marketing ￰0￱ penalties ranged from AED 100,000 to AED 600,000 ($27,000 to $163,000) depending on the seriousness of the ￰1￱ per VARA’s announcement, the Enforcement division continues to proactively identify and investigate unlicensed activity and take action as ￰2￱ notes that this serves as a public reminder to consumers, investors, and institutions engaging with unlicensed operators that there is significant financial, legal, and reputational risk associated with doing so. “Enforcement is a critical component of maintaining trust and stability in Dubai’s Virtual Asset ￰3￱ actions reinforce VARA’s mandate: to ensure that only firms meeting the highest standards of compliance and governance are permitted to operate,” wrote VARA’s enforcement ￰4￱ UAE regulator added, “Unlicensed activity and unauthorized marketing will not be ￰5￱ will continue to take proactive measures to uphold transparency, safeguard investors, and preserve market integrity.” All penalized firms have been directed to cease operations immediately and to desist from any further promotion of unlicensed virtual Asset services in or from ￰6￱ has shared the list of VASPs that have been penalized, including, UAEC Digital Fintech FZCO, MORPHEUS SOFTWARE TECHNOLOGY FZE (FUZE), TON DLT Foundation, GLEEC DMCC, UEEX technology, Triple A Technologies, Hatom Labs, Hokk Finance, and more In 2023, Dubai’s VARA confirmed that the deadline for the VA sector to obtain a regulatory license had ￰7￱ the time, 18 virtual asset service providers commercially licensed on the mainland under Dubai’s Department of Economy and Tourism (DET) had been issued fines for failing to comply with VARA’s directives and regulatory ￰8￱ Bybit now and claim a $50 bonus in minutes