New, strict UAE Authorities rules designed to protect the public from fraud in the financial sector. Cybercriminals who spread cryptocurrency-related scams online could face the possibility of up to 5 years in jail and fines up to $272 million.
UAE Authorities: Crypto Scams Will Get 5 Years in Jail
Anyone who promotes online cryptocurrency fraud currently face a potential five-year sentence in prison. And the maximum fine of nearly $270,000 in the UAE’s latest rules for internet security which will take effect on January 2nd 2022. This crackdown came to light in the last month in conjunction with President Sheikh Khalifa’s program of general legal reforms.
The new law extends the current cyber-crime regulations in the UAE to allow for the promotion of fraudulent cryptocurrency schemes. Those aren’t recognized in the eyes of UAE authorities.
Despite the fact that a number of nations regularly issue warnings on this subject and issue warnings. It is the UAE authorities take it an additional step by imposing massive penalties on individuals who do not follow the laws. Criminals who spread cryptocurrency scams online are at risk of up to five years in prison. And then, could fine up to one million DH ($272,259). In the event that the government of the UAE has stepped up its laws to safeguard citizens from cyber-related Scam.
“As per article 48, posting misleading ads or inaccurate data online about a certain product will be punishable with jail. And/or a fine between Dh20,000 and Dh500,000,” the Dr Hassan Elhais. Al Rowaad Advocates who laid out new laws that will combat scams involving cyptocurrency.
"The same penalty applies to members of the public who promote cryptocurrencies unrecognised by authorities in the country."
UAE Citizen Decline Due to Crypto-Scams This Year
Despite strict regulation and a crypto-friendly atmosphere, UAE citizens have continued to be the victims of financial crimes. In the first quarter of 2021, people in Dubai alone lost around eight million DH in the course of hundreds of frauds. The UAE police issued warnings to those who are concerned about fraudulent crypto trading and profit-making schemes.
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Regardles, DubaiCoin ones of the most complex scams that the city face. The digital currency advertiser as having government backing and investors took the chance to invest. Causing its value to increase dramatically in a relatively short time.
Some haven’t been as lucky, as nine people from the nation sentence to 10 years in prison in the last month. For scammers the public out from 18 million DH using a bitcoin get rich quick trading scheme.
In the creation of an all-encompassing and inclusive cryptocurrency framework that is inclusive. The UAE authorities is in the leading edge. Its Dubai World Trade Center declare a full cryptocurrency zone and regulator in the last month, allowing it establish a massive infrastructure for the expansion of the sector.
Other people haven’t had as much luck as nine people from across the country. Sentenced to 10 years of jail this month after fraud on 18 million. DH through an easy-to-make-money bitcoin buying and selling scheme.
When it comes to creating an inclusive and complete cryptocurrency framework in the world, the UAE authorities is leading the way. Its Dubai World Commerce Middle was declared a full cryptocurrency zone as well as a regulator in the month of March, allowing it to establish an unlimitable center for the development of the sector.