The Virtual Asset Regulatory Authority (VARA) has issued a warning regarding VESTA PRIME PORTAL CO. LLC (commercially advertised as “Vesta Investments”).
The company uses the domain name www.vesta-investment.com and operates from an address of 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 falsifying its licensing status. As a result, the company has been instructed to take down its website or include a clear disclaimer that it is not authorized to provide virtual asset services.
Key points for investors and consumers:
- Misrepresentation of licensing status: Vesta Investments does not hold any license to provide virtual asset services in/from Dubai. Therefore, any activities related to virtual assets advertised or conducted by this company do not comply with VARA regulations.
- Potential Risks: Working with unlicensed companies that do not comply with VARA regulations exposes users to significant financial risks and potential legal consequences for violating regulatory requirements or criminal laws.
- Legal Framework: According to Dubai Law No. (4) of 2022 and Ministerial Decree 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 authorized to provide 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 therefore the company is not allowed to offer, promote or market Virtual Asset products or services in Dubai or its residents.
VARA advises consumers and investors in the UAE to avoid dealing with Vesta Investments for the purposes of virtual asset services and to exercise caution when considering interactions with unregulated entities. Before hiring any company, verify their status on the VARA Public Registry of licensed/approved VASPs.
VARA is the designated authority responsible for the regulation, supervision and monitoring of virtual asset activities in the Emirate of Dubai (excluding the Dubai International Financial Centre).