UAE Authorities Announce New Stringent Measures Against Crypto Scammers

Under stringent new UAE regulations designed to safeguard the public from financial fraud, cyber criminals who promote cryptocurrency frauds online face up to five years in prison and fines of up to $272 million. Crypto-scammers To Face 5 Years Imprisonment Promoters of online cryptocurrency frauds now risk a possible five-year prison sentence and a maximum fine of almost $270,000 under the UAE’s new internet security regulations, which take effect on January 2, 2022. The crackdown was announced last month as part of President Sheikh Khalifa’s series of broad legal reforms. The new law expands the country’s existing cyber-crime rules to include the promotion of rogue cryptocurrency schemes that are not recognized by UAE authorities. Despite the fact that many countries routinely issue warnings in this area, the UAE government has decided to take it a step further by imposing hefty penalties on those who violate the law. Cybercriminals who promote cryptocurrency frauds on the internet risk up to 5 years in prison and a fine of up to 1 million DH ($272,259), as the country’s government has strengthened its regulations to protect residents from cyber fraud. “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,” said Dr Hassan Elhais, of Al Rowaad Advocates, who outlined new legislation tackling...