VAE block promoters of fraudulent cryptocurrency systems for five years, criminals pay fines of over $ 200,000 regulation
VAE block promoters of fraudulent cryptocurrency systems for five years, criminals pay fines of over $ 200,000 regulation
fraudsters who advertise in the United Arab Emirates (VAE) for online cryptocurrency fraud, according to a report, now threatens a possible five-year prison sentence and a fine of up to $ 272,000. The new measures that are to take effect on January 2, 2022 are part of the government's efforts to protect people from online fraud.
new measures should protect internet users
As part of the new online security laws of the VAE that come into force on January 2, 2022, the supporters of online cryptocurrency fraud now face a possible five-year prison and a maximum penalty of over $ 270,000
according to A Test report According to the National News, the new measures are part of the comprehensive legal reforms that the state's president, Sheikh Khalifa, introduced in November. The VAE say that the laws protect internet users from electronic fraud and protect privacy and rights.
While there have already been laws in the VAE that prohibit the promotion of cryptocurrencies, according to Hassan Elhais from Al Rowaad Advocates, these laws lacked provisions that enable the authorities to punish such perpetrators. The report quotes Elhais, explaining how the new measures differ from the previous law. He indicated:
According to Article 48, the setting of misleading displays or inaccurate data online is punished online via a certain product with prison and/or fines between 5,445 USD (20,000 DH) and $ 136,100 (500,000 DH). The same punishment applies to members of the public who promote cryptocurrencies that are not recognized by the country's authorities.
In relation to the laws of the United Arab Emirates that aim to improve online security and the protection of people from financial crime, Elhais said that Article 41 of the new law complements the previous article with similar goals.
"A penalty of five years in prison and/or a fine between $ 68,000 and $ 272,000 is imposed on those who promote electronic currencies or fake companies in order to obtain money from the public without the approval of the responsible authorities," Elhais is cited.
fake cryptocurrency systems are a growing problem
In the meantime, the report indicated that the growing interest of the VAE authorities to protect the public from online fraud follows an increase in the number of fraudulent cryptocurrency systems. At the end of May 2021, for example, the government was forced, a Explanation distances itself from "Dubai Coin."
At that time, the explanation claimed that the website was raising the fraud Coin was indeed a sophisticated phishing campaign that aimed to steal personal information. Similarly, the country's prosecution has warned the residents of being guarded in fake cryptocurrency systems that promise immediate wealth.What do you think about this story? Tell us your opinion in the comments below.
Bedy verification : Shutterstock, Pixabay, Wiki Commons