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Crypto Scammers and Frauds Faces Dh1 Million Penalty in UAE -Breaking

by Mike Robinson

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UAE: Crypto Scammers and Frauds Facing Dh1,000,000 Penalty
  • UAE can punish crypto-scammers with fines up to Dh1million
  • UAE safeguards public against crypto fraudsters.

Scammers and fraudsters who take advantage of the technology in crypto continue to abuse it. A law was created by countries supporting the cryptocurrency industry to punish anyone who uses the opportunities and drawbacks of the sector. One of these countries is the United Arab Emirates, which protects citizens from fraudsters and crypto-scammers.

Al Rowaad Advocates Dr Hassan Elhais explained.

According to article 48, misleading advertisements or false data about certain products will result in a sentence of jail and/or a fine of between Dh20,000 and Dh500,000. Public members who encourage cryptocurrency that are not recognized by the authorities of the country face the exact same punishment.

He added that article 41 boosts people’s online safety and protection from falling victim to financial crimes. “It imposes a penalty of five years in prison and/or a fine between Dh250,000 and Dh1 million against those who promote electronic currencies or fake companies to raise money from the public without a license from competent authorities.”

However, hackers and crypto-scammers are not new to the crypto space. This is not a new phenomenon. In fact, this space has seen many such events. This is why it is important to conduct thorough research prior to investing in crypto assets in order to prevent losses that can’t be reversed.

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