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UAE Announces 5 Years Jail Time and Dh1 Million ($272,000) Fine for Cryptocurrency Scammers

1 Mins read

UAE have announced that 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 are set to be effective from January 2, 2022, it’s a part of the government’s efforts to protect people from possible online cryptocurrency scams.

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.

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Johnmiracle Ejikeme is a 7 Figure digital network marketer, crypto enthusiast, and a trader. A humble fellow that fancy investing and technology.
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