UAE to impose jail time, high fines on those promoting rogue cryptos and scams
ambcrypto.comCrypto scams, rug pulls and other such cybercriminal activities have continued to act as a major bane for the cryptocurrency industry that is still striving for mainstream acceptance. In just the previous year, such scams cost investors over $7.7 billion after noting a record spike of 81%.
Although many governments routinely circulate warnings regarding the same, the UAE government has decided to take this one step forward by imposing harsh punishment on such perpetrators. According to local media, cyber-criminals found to be promoting cryptocurrency scams online will face up to 5 years in prison along with a fine of up to 1 million DH ($272,259) as the country’s government has toughened up its laws to protect citizens against cyber fraud.
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