Regulatory Alerts2022-01-01
Administrative Order No. 02/2022
The Dubai Virtual Assets Regulatory Authority (VARA) imposes financial penalties and enforcement measures on entities violating its Marketing Regulation for virtual assets. The order details specific fine amounts ranging from AED 50,000 to AED 200,000 for breaches including non-compliant paid content, unauthorized media marketing, and unlicensed entities targeting Dubai residents. Beyond immediate cease-and-desist warnings and potential license suspensions, VARA doubles fines for repeat violations within one year, capping the maximum penalty at AED 500,000 per offence.
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