UAE's top legal experts have announced that cybercriminals who run cryptocurrency scams in the country could face detention of up to five years and or a fine of between Dh250,000 and Dh1 million.
The new legislations, which were revealed in November, came as part of several legal reforms introduced by UAE President His Highness Shaikh Khalifa bin Zayed Al Nahyan, Khaleej Times reported.
“Under Article 48 of the Online Security Law, any person who promotes, advertises or encourages dealing in cryptocurrency, that is not officially recognised in the UAE, or does so without being licensed, is subject to a penalty of detention and, or a fine between Dh20,000 and Dh500,000,” ADG Legal partner Josh Kemp explained.
Although any fraudulent scheme is an offence under the Penal Code, running a crypto scam online would expose persons to prosecution under the new law.
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