VARA Alert on MKAN Coin DMCC

The Virtual Assets Regulatory Authority (VARA) has issued an alert regarding MKAN Coin DMCC, which advertised virtual asset activities in the United Arab Emirates (UAE) without the necessary regulatory approval.

Instructions to Cease Operations

VARA has instructed the company to cease all unlicensed operations and imposed a fine. The regulator stated that MKAN Coin’s activities expose users to significant financial risks and potential legal consequences.

Legal Requirements

Dubai Law No. 4 of 2022 and Cabinet Resolution No. 111 of 2022 require all virtual asset service providers to be licensed to operate legally. MKAN Coin does not meet these requirements.

Prohibition of Promotions

VARA has not approved any promotions or advertisements related to MKAN Coin, thereby prohibiting it from offering or marketing virtual asset products or services in Dubai.