UAE Government Announces Jail Sentence for Cryptocurrency Fraudsters
Latest development as UAE has announced that cryptocurrency fraudsters who take shield in promoting cryptocurrency scams in the United Arab Emirate (UAE) now faces a possible five-year jail sentence plus a fine of up to Dh1 million ($272,000), according to a report.
This new measure is set to be effective from January 2, 2022, it’s a part of the government’s efforts to protect people from possible online cryptocurrency fraudsters.
According to the report from The National News, the new measures are part of sweeping legal reforms introduced by the country’s president, Sheikh Khalifa, in November.
The UAE says the laws are intended to protect internet users from electronic fraud and to preserve personal privacy and rights.