• Home
  • Politics
  • Economy
  • Business
  • Markets
  • Opinion
  • Resources
Wednesday, February 8, 2023
  • Login
No Result
View All Result
WallStreetPro
  • Home
  • Politics
  • Economy
  • Business
  • Markets
  • Opinion
  • Resources
  • Home
  • Politics
  • Economy
  • Business
  • Markets
  • Opinion
  • Resources
No Result
View All Result
WallStreetPro
No Result
View All Result
Home Economy

New UAE Cybercrime Law: Crypto scammers face 5 years in jail and over $270k in fines

December 30, 2021
in Economy, Markets, Politics
Reading Time: 2 mins read
0
New UAE Cybercrime Law:  Crypto scammers face 5 years in jail and over $270k in fines
9
SHARES
143
VIEWS
Share on FacebookShare on Twitter

Cyber criminals promoting cryptocurrency scams online will face 5 years behind bars and fines of up to Dh1 million (1M United Arab Emirates Dirham equals 272,258.49 USD) under strict new UAE laws introduced to protect the public from financial fraud.

The clampdown was introduced as part of a series of legal reforms announced by President Sheikh Khalifa last month. The new legislation broadens the country’s current cyber crime laws to cover the advertisement of “rogue cryptocurrency schemes” which are not recognised by UAE authorities.

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 $5,445 (Dh20,000) and $136,100 (Dh500,000). The same penalty applies to members of the public who promote cryptocurrencies unrecognised by authorities in the country.

Dr Hassan Elhais, of Al Rowaad Advocates explained that previous laws banned promoting cryptocurrencies but didn’t penalise it. This targets so called “crypto influencers”.

“It imposes a penalty of five years in prison and/or a fine between $68,000 and $272,000 against those who promote electronic currencies or fake companies to raise money from the public without a licence from competent authorities,” Elhais is quoted explaining.

The revised law also sets out punishments of jail or a fine between Dh50,000 to Dh200,000 or both against offenders who create fake email accounts or website impersonating others. The penalty increases to two years in prison if the offender used the fake accounts to defame the people they have impersonated.

The UAE is continuing to take action against those circulating fake news by using so-called ‘bots’ to spread misinformation.

“Article 54 states that using or modifying electronic robots to share, re-share or circulate fake news in the country can be subject to a prison term of two years or a fine not less than Dh100,000 and up to Dh1 million, or both,” said Dr Elhais.

More countries are following similar laws like UAE to crackdown cybercrimes.

Tags: CryptoinvestingMiddle EastMoney
Previous Post

Turkish Lira Is Plunging Again, And This Time Erdogan’s ‘Guarantees’ Could Spell Disaster

Next Post

Fed Rate Increase: How to Profit from Volatility?

Next Post
Fed Rate Increase: How to Profit from Volatility?

Fed Rate Increase: How to Profit from Volatility?

Discussion about this post

Recommended

How are Bitcoin Miners using options to make money?

How are Bitcoin Miners using options to make money?

9 months ago
Does Wall Street have a racial diversity problem?

Does Wall Street have a racial diversity problem?

3 years ago

Popular News

  • Two decades of Alzheimer’s research was based on deliberate fraud by 2 scientists that has cost billions of dollars and millions of lives

    Two decades of Alzheimer’s research was based on deliberate fraud by 2 scientists that has cost billions of dollars and millions of lives

    18012 shares
    Share 7202 Tweet 4502
  • Elon Musk is set to collect $23bn bonus as Tesla fires 10% of its staff. Is it fair?

    92 shares
    Share 37 Tweet 23
  • Cathie Wood expects Ethereum to increase 7,200% and hit a $20 trillion market cap by 2030

    24 shares
    Share 10 Tweet 6
  • You won the Lottery: What should you do next?

    33 shares
    Share 13 Tweet 8
  • BitMouseDAO: A group wants to inject a Bitcoin into a mouse’s DNA

    6 shares
    Share 2 Tweet 2
  • About
  • Privacy Policy
  • Disclaimer
  • Contact

© 2022 WallStreetPro - The premier page for finance and markets by WallStreetPro.

No Result
View All Result
  • Home
  • Politics
  • Economy
  • Business
  • Markets
  • Opinion
  • Resources

© 2022 WallStreetPro - The premier page for finance and markets by WallStreetPro.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In