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According to a report, fraudsters who promote online cryptocurrency scams in the United Arab Emirates (UAE) may now face five years in prison and a fine of up to $272,000. The new measures will take effect on January 2, 2022 and are part of the government’s efforts to protect people from online fraud.
New measures aim to protect Internet users
As part of the UAE’s new online security law that will take effect on January 2, 2022, the initiators of online cryptocurrency scams may now face five years in prison and fines of up to more than US$270,000.
According to a Report According to National News, the new measures are part of a comprehensive legal reform introduced by the country’s President Sheikh Khalifa in November. The UAE stated that these laws are designed to protect Internet users from electronic fraud and protect personal privacy and rights.
According to Hassan Elhais of Al Rowaad Advocates, although the UAE has enacted laws prohibiting the promotion of cryptocurrencies, these laws lack provisions that enable the authorities to punish any such offenders. The report quoted Elhais as saying how the new measures are different from previous laws. He said:
According to Article 48, posting misleading advertisements or inaccurate data about specific products online will result in imprisonment and/or fines ranging from USD 5,445 (Dh20,000) to USD 136,100 (Dh500,000). The same penalty applies to the public who promote cryptocurrencies that are not recognized by the authorities of the country.
Regarding the UAE’s laws aimed at enhancing online security and protecting people from financial crimes, Elhais stated that Article 41 of the new law complements a previous article with similar goals.
“It imposes five years in prison and/or fines ranging from US$68,000 to US$272,000 for those who promote electronic money or false companies to raise funds from the public without the permission of the competent authority,” Elhais explained.
Fake cryptocurrency schemes are a growing problem
At the same time, the report shows that as the number of fraudulent cryptocurrency schemes increases, UAE authorities are becoming more and more interested in protecting the public from online scams.For example, in late May 2021, the government was forced to issue a statement Get out of “Dubai currency”.
At the time, the statement claimed that the website promoting this scam coin was actually a well-designed phishing campaign aimed at stealing personal information. Similarly, the country’s law enforcement agencies have warned residents to be wary of fake cryptocurrency plans that promise instant wealth.
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