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Crypto Scammers and Frauds Faces Dh1 Million Penalty in UAE

Legal

coinquora.com 26 December 2021 15:05, UTC
  
Reading time: ~1 m

The crypto world continues to be abused by frauds and scammers that take advantage of its technology. To prevent this, countries that support the crypto industry created a law that would punish anyone who takes advantage of the strengths and weaknesses of the space. The United Arab Emirates is one of the countries that protects the public from crypto scammers and frauds.

Dr Hassan Elhais, of Al Rowaad Advocates explained,

As per article 48, posting misleading ads or inaccurate data online about a certain product will be punishable with jail and/or a fine between Dh20,000 and Dh500,000. The same penalty applies to members of the public who promote cryptocurrencies unrecognised by authorities in the country.

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.”

On the other hand, crypto scammers and hackers are not new words in the crypto world. In fact, the space has already experienced countless events like this. Through this, it is advisable to always do in-depth research before investing in crypto assets to avoid losses that cannot be reverted.


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