**Dubai Cracks Down on Unregulated Crypto Firms**

Dubai's Virtual Assets Regulatory Authority (VARA) has launched a crackdown on unregulated crypto companies. On October 9, VARA issued fines and cease-and-desist orders to seven businesses for violating marketing rules and operating without the necessary licenses.

- **Investigations Underway**: VARA is working with local authorities to further investigate these breaches.

- **Public Warning**: The regulator has advised the public to avoid unlicensed crypto firms, citing financial and reputational risks.

- **Strict Enforcement**: Only licensed firms can offer virtual asset services in Dubai. VARA emphasized that unauthorized marketing and operations will not be tolerated.

- **Fines Issued**: Each of the seven entities has been fined between 50,000 ($13,600) and 100,000 ($27,200) UAE dirhams.

- **Marketing Rules Tightened**: Recent regulations require crypto promotions to include disclaimers about the volatility and potential loss of value of virtual assets.

VARA aims to ensure a secure and transparent crypto ecosystem in Dubai, balancing investor protection with market progress.