Dubai to balance crypto growth with strict rules
The United Arab Emirates (UAE) is considered crypto-friendly because it welcomes and supports businesses and activities related to cryptocurrencies and blockchain technology.
On June 3, 2025, the Solana Foundation signed an agreement (MOU) with Dubai’s Virtual Assets Regulatory Authority (VARA) to make Dubai a top spot for crypto globally. Further, on July 7, 2025, Dubai’s Land Department signed an agreement with Crypto.com to explore blockchain and Crypto in Real Estate.
On July 13, 2025, Emirates Airlines and Dubai Duty Free revealed that they will begin to accept cryptocurrency payments, such as Litecoin (LTC), by 2026. On August 19, 2025, the UAE launched Solana City, the first official hub for Solana ecosystem teams.
But the recent fines show that VARA is now putting quality ahead of quantity and trying to get rid of operators who don’t follow the rules. Dubai is making its rules clearer.
In October 2024, the Dubai Virtual Assets Regulatory Authority (VARA) took action against seven companies that were operating cryptocurrency businesses without proper licenses. VARA fined each company between $13,600 and $27,200 and ordered them to stop their activities immediately because they broke the rules.
Further, on October 2, 2025, Abu Dhabi’s Agriculture and Food Safety Authority (ADAFSA) imposed a ban on cryptocurrency mining on agricultural lands.