Cyber criminals promoting Cryptocurrency scams will face five years in jail & up to 1 million dirhams fine as per the New UAE law.
This new law introduced as part of sweeping legal reforms, has taken effect from January 2, 2022.
The fraudulent schemes which are not recognized by the UAE authorities will be covered under this law.
This law is intended to protect the public from electronic fraud and to preserve personal privacy & rights.
The UAE had previously prohibited promotion of cryptocurrency scams. However, it lacked provisions to enable authorities to penalize offenders. The new legislation introduced removes the limitation.
A few hundred cases of crypto scams were reported in the first half of 2021, where people in Dubai lost Dh80 million, and cases have been transferred to courts.
The country’s law enforcement has also warned residents to be wary of fake cryptocurrency schemes that promise instant wealth.