Fraudsters promoting online cryptocurrency scams in the United Arab Emirates (UAE) now face a possible five-year jail sentence.
UAE to Jail Promoters of Fraudulent Cryptocurrency Schemes for Five Years, Offenders to Pay Over $270K in Fines
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:
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