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.
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