The Virtual Assets Regulatory Authority (VARA) has issued an alert in relation to VESTA PRIME PORTAL CO. L.L.C (commercially advertising as “Vesta Investments”).
The company uses the domain name www.vesta-investment.com and operates out of an address 1409, 51 Tower, Business Bay, Dubai, UAE.
It has come to VARA’s attention that the company may be advertising the provision of Virtual Asset activities in Dubai without the necessary regulatory approvals and misrepresenting its licensing status. As a result, the company has been instructed to take down its website or to include a clear disclaimer that it is not authorised to provide any Virtual Asset services.
Key Points for Investors and Consumers:
- Misrepresentation of Licensing Status: Vesta Investments does not hold any licence to provide Virtual Asset services in/from Dubai. Any activities related to Virtual Assets advertised or conducted by this company are therefore not in compliance with VARA Regulations.
- Potential Risks: Engaging with unlicensed companies that are not in compliance with VARA Regulations exposes users to significant financial risks and potential legal consequences for violating regulatory requirements, or criminal laws.
- Legal Framework: In accordance with Dubai Law No. (4) of 2022 and Cabinet Resolution No. 111/2022, all Virtual Asset service providers must be licensed to operate legally in this jurisdiction. Vesta Investments does not meet these legal requirements and is not authorised to provide any Virtual Asset services in/from the Emirate of Dubai.
Any promotion, advertising, or solicitation related to Vesta Investments has not been approved by VARA, and the company is therefore not allowed to offer, promote, or market any Virtual Asset products or services in Dubai or to its residents.
VARA advises consumers and investors in the UAE to avoid engaging with Vesta Investments for the purpose of Virtual Asset services, and to exercise caution when considering interactions with unregulated entities. Before engaging any firm, verify its status on VARA’s Public Register of licensed/approved VASPs.
VARA is the designated authority responsible for regulating, supervising, and monitoring Virtual Asset activities in the Emirate of Dubai (excluding the Dubai International Financial Centre).
