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New Move for Crypto Scams From United Arab Emirates

According to the news of The National, the United Arab Emirates has taken new measures for those who support crypto scams. Those who support the scam could face up to five years in prison, starting in January. In addition, fines of up to 1 million dirhams are also on the agenda. This move by the UAE aims to promote online security given the increasing crypto activity. In this way, individual investors can be prevented from being targeted. Lawyer According to Hassan Elhain’s statement, the new measures also penalize the promotion of unlicensed crypto assets. Penalties are also on the agenda for those who advertise fake companies other than crypto. Abu Dhabi police warned investors in July to be wary of crypto scammers promising to get rich quick. The UAE’s new cybercrime law will come into effect on January 2, 2022. There are harsh sanctions for fraudulent activities in the law.

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