Bobos & Wojaks

Get rich or die tryin

Crypto Scammers Can Face Up To Five Years In Prison In UAE

In the United Arab Emirates (UAE), new regulations are being implemented that will ensure that crypto fraudsters who target UAE investors face severe penalties. These restrictions, which will take effect on January 2, 2022, include up to five years in prison and a fine of up to AED 1 million. Last month, UAE President Sheikh Khalifa bin Zayed Al Nahyan announced a number of legal reforms, including these regulations, aimed at reducing the danger of financial fraud.

bitcoin-scam

“As per article 48, posting misleading ads or inaccurate data online about any product will be subject to legal repercussions. The same penalty applies to members of the public who promote cryptocurrencies unrecognised by authorities in the country,โ€ a report by UAE-based news portal The National News quoted Dr Hassan Elhais of Al Rowaad Advocates.

Previously, the legislation warned against crypto marketing but did not penalise it, which resulted in an increase in cybercriminals chasing crypto investors with false information.

โ€œArticle 54 states that using or modifying electronic robots to share, re-share or circulate fake news in the country can be subject to a prison term of two years or a fine of up to AED 1 million, or both,โ€ Elhais reportedly added.

The Dubai Media Office announced earlier this month that the Dubai World Trade Centre (DWTC) will soon become a crypto zone and regulator for cryptocurrencies.

bitcoin-crypto-scam

The report came after the Dubai government issued a warning in May regarding the spread of crypto-related fake news.

The Abu Dhabi Police Department has recently issued a warning to residents against bogus cryptocurrency scams that promise rapid fortune.

According to a research released in April, total crypto crimes in 2020 will be over $10.52 billion.

Scammers have been forcing innocent people to utilise physical bitcoin ATMs and digital QR codes to perform harmful transactions, according to a recent FBI public service announcement.