UAE: The Virtual Assets Regulatory Authority (VARA) issued fines – between AED50,000 (US$13,610) and AED100,000 (US$27,221) per entity, depending on the nature and severity of the violations – on seven unlicensed firms operating within its jurisdiction. VARA also issued cease-and-desist orders on these unnamed firms for breaching marketing regulations and it said further investigations are underway with potential legal consequences.
Restricted Access
Login to continue reading (existing subscriber)
Subscribe NOW and get:
- Gain unlimited access through all key operating platforms
- Full access to all listed Islamic funds & fund profiles
- Unlimited access to all Islamic fund managers
- Access to all exclusive articles, reports, podcasts & videos
- Complimentary access to all IFN Investor Forums
