• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • bitcoinBitcoin(BTC)$20,977.001.30%
    BITCOIN
    24H : 1.30%
    Volume : $17,382,331,097.00
    Marketcap : $400,432,307,581.00
  • ethereumEthereum(ETH)$1,220.583.10%
    ETHEREUM
    24H : 3.10%
    Volume : $12,529,450,776.00
    Marketcap : $148,240,531,960.00
  • binancecoinBNB(BNB)$239.743.81%
    BNB
    24H : 3.81%
    Volume : $886,336,748.00
    Marketcap : $39,159,982,816.00
  • rippleXRP(XRP)$0.350-0.84%
    XRP
    24H : -0.84%
    Volume : $939,627,261.00
    Marketcap : $16,930,725,875.00
  • cardanoCardano(ADA)$0.4930.620%
    CARDANO
    24H : 0.620%
    Volume : $707,429,354.00
    Marketcap : $16,680,574,502.00
  • solanaSolana(SOL)$39.141.23%
    SOLANA
    24H : 1.23%
    Volume : $1,185,764,766.00
    Marketcap : $13,436,548,003.00
  • dogecoinDogecoin(DOGE)$0.071-2.04%
    DOGECOIN
    24H : -2.04%
    Volume : $509,351,196.00
    Marketcap : $9,507,598,199.00
  • polkadotPolkadot(DOT)$7.920.940%
    POLKADOT
    24H : 0.940%
    Volume : $378,761,867.00
    Marketcap : $8,919,703,889.00
  • shiba-inuShiba Inu(SHIB)$0.0000110.060%
    SHIBA INU
    24H : 0.060%
    Volume : $456,291,774.00
    Marketcap : $6,484,571,272.00
  • avalanche-2Avalanche(AVAX)$20.312.29%
    AVALANCHE
    24H : 2.29%
    Volume : $458,129,414.00
    Marketcap : $5,736,037,064.00
  • terra-lunaTerra(LUNA)$0.000071-5.71%
    TERRA
    24H : -5.71%
    Volume : $134,734,814.00
    Marketcap : $768,841,921.00
TodayinCrypto.com

TodayinCrypto.com

  • Home
  • Latest News
  • YOUTUBE RECAPS
  • CONTACT US

UAE Imposes Five-Year Jail Term and Up to $272,000 in Fines for Crypto Scam Artists


December 31, 2021 · By JP

The United Arab Emirates (UAE) has introduced a new law that would impose a five-year jail term and up to $272,000 for perpetrators of crypto scams. The development follows the much-covered DubaiCoin scam, which purported itself as the country’s official cryptocurrency.

The United Arab Emirates (UAE) has implemented a new cybercrime law that would impose a maximum fine of 1 million dirhams (approximately $272,000) and a five-year jail sentence to anyone who has been charged with running a cryptocurrency scam. Local media outlets reported that the new amendment of the Online Security Law would come into effect starting January 2022.

However, the law also refers to “unrecognized cryptocurrencies,” which presumably has some room for interpretation. Josh Kemp, partner at ADG Legal, said of the incident: “Any person who promotes, advertises or encourages dealing in cryptocurrency, that is not officially recognized in the UAE, or does so without being licensed, is subject to a penalty of detention and, or a fine between Dh20,000 and Dh500,000”.

The UAE has been working on cryptocurrency regulation, partly because of a rise in scams. The most famous of these was DubaiCoin, which presented itself as the country’s national cryptocurrency.

Officials released a statement saying that the DubaiCoin cryptocurrency was nothing but a scam, but a hefty amount of money was stolen anyway. Like most scams, the DubaiCoin creators made an effort to make the charade seem as legitimate as possible.

The UAE does not outright prohibit cryptocurrencies, and they can be traded on exchanges. However, it does not recognize them as legal tender. Like most other countries, the UAE is keener on regulating the asset class and ensuring that consumers are protected.

Read full story at Beincrypto

Primary Sidebar

LATEST NEWS

Anonymous hacker group threatens to expose Terra LUNA founder Do Kwon’s crimes

June 27, 2022

Ethereum whales have intensified their accumulation of MATIC in the past week

June 26, 2022

Cardano launches EVM sidechain application for developers to facilitate network interoperability

June 25, 2022

Charles Hoskinson proposed software-enabled crypto self-regulation to the US Congress committee

June 24, 2022

The cryptocurrency market has seen inflows of $100 billion since Bitcoin fell below $18,000

June 23, 2022

  • Facebook
  • Instagram
  • Twitter

Newsletter

Footer

ABOUT US

TodayinCrypto is a financial media brand that strives to deliver breaking, accurate and daily news about digital assets to millions of investors in the crypto industry.

We are passionate about Bitcoin and are keen to share news about the people, companies and technological developments that are changing our world.

TODAY IN CRYPTO

  • SEC Chair Gary Gensler says Bitcoin is the only cryptocurrency he recognizes as a commodity June 27, 2022
  • Anonymous hacker group threatens to expose Terra LUNA founder Do Kwon’s crimes June 27, 2022
  • Ethereum whales have intensified their accumulation of MATIC in the past week June 26, 2022

Search

Tags

Aave (AAVE) Aleph.im (ALEPH) Arweave (AR) Avalanche (AVAX) Benchmark Protocol (MARK) Binance Coin (BNB) Bitcoin (BTC) Bondly (BONDLY) Bridge Mutual (BMI) Cardano (ADA) Celsius Network (CEL) Chainlink (LINK) Cosmos (ATOM) COTI (COTI) Decentraland (MANA) DeFi Dogecoin (DOGE) Elrond (EGLD) Enjin Coin (ENJ) Ethereum (ETH) Ethernity Chain (ERN) Fantom (FTM) Kusama (KSM) Litecoin (LTC) NFT OriginTrail (TRAC) PAID Network (PAID) PancakeSwap (CAKE) Polkadot (DOT) Polkastarter (POLS) Polygon (MATIC) SnowSwap Solana (SOL) SuperFarm (SUPER) Sushi (SUSHI) Terra (LUNA) The Graph (GRT) Theta Network (THETA) Tixl (TXL) Trustswap (SWAP) Uniswap (UNI) VeChain (VET) XRP (XRP) yearn.finance (YFI) Yield Optimization Platform & Protocol (YOP)

Copyright © 2022 · Today in Crypto · Terms & Privacy · Log in