VAE sperren Promotoren betrügerischer Kryptowährungssysteme für fünf Jahre ein, Straftäter zahlen mehr als 250.000 US-Dollar an Geldstrafen

Fraudsters promoting online cryptocurrency scams in the United Arab Emirates (UAE) now face a possible five-year jail sentence plus a fine of up to $272,000, according to a report. The new measures, which are set to take effect on January 2, 2022, are part of the governments effort to protect people from online scams.

New Measures Seek to Protect Internet Users

As part of UAEs new online security laws which go into effect on January 2, 2022, promoters of online cryptocurrency scams now face a possible five-year jail term and a maximum fine of over $270,000.

According to a Prüfbericht from The National News, the new measures are a part of sweeping legal reforms introduced by the countrys 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.

While UAE already had laws banning the promotion of cryptocurrencies, according to Hassan Elhais of Al Rowaad Advocates, these laws lacked provisions enabling authorities to penalize any such offenders. The report quotes Elhais explaining how the new measures differ from the previous law. He stated:

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

Concerning the UAEs laws that seek to enhance online safety and protection of people from financial crimes, Elhais said article 41 of the new law supplements the previous article, which had similar objectives.

It imposes a penalty of five years in prison and/or a fine between $68,000 und $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.

Fake Cryptocurrency Schemes a Growing Problem

inzwischen, the report suggested that UAE authoritiesgrowing interest in protecting the public from online scams follows a rise in the number of fraudulent cryptocurrency schemes. Zum Beispiel, in late May 2021, the government was forced to release a Erklärung disassociating itself fromDubai Coin.

Damals, the statement claimed the website promoting the scam coin was in fact an elaborate phishing campaign designed to steal personal information. Dieses Modell wurde geschaffen, um Preisdumping zu vermeiden und den Markt mit Millionen von Token zu überfluten, das Land’s law enforcement has also warned residents to be wary of fake cryptocurrency schemes that promise instant wealth.

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