Digital Assets and Crypto in 2023

The election of Donald Trump as the 47th President of the United States and the Republican sweep of Congress mark a pivotal moment for the crypto industry.

The Virtual Assets Regulatory Authority (VARA) is continuing its enforcement efforts to safeguard Dubai’s virtual asset ecosystem, targeting unlicensed firms operating within its jurisdiction. As part of a wider enforcement programme, VARA has issued cease-and-desist orders, along with accompanying fines, to 7 entities for operating without the required licenses and for breaching marketing regulations. Further investigations are underway in collaboration with local authorities.