The regulator's blacklist includes TON DLT Foundation, UAEC Digital Fintech FZCO, Morpheus Software Technology FZE (FUZE), GLEEC DMCC, UEEX technology, Triple A Technologies, Hatom Labs, Hokk Finance, and other companies working with crypto assets.

VARA stated that its compliance department will continue to crack down on unlicensed activity. Investors and organizations that engage with unlicensed operators expose themselves to significant financial and reputational risks, VARA insists.

"Compliance with regulations is essential to maintaining trust and stability in the cryptocurrency industry in Dubai." "Strict requirements and enforcement measures ensure that only companies that meet the highest regulatory standards are allowed to engage in cryptocurrency business. Unlicensed activity and marketing are prohibited in our jurisdiction," VARA stated.

Last year, Dubai authorities shut down seven unlicensed crypto companies. In August, VARA fined local blockchain company Morpheus Software Technology for operating virtual assets without a license and failing to comply with anti-money laundering (AML) regulations.