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UAE To Punish Crypto Scammers With Fines & Jail Time

The penalties reflect Article 48 of the Federal Decree-Law No. 34 of 2021 on Combatting Rumors and Cybercrimes.

Published

3 years ago

on

uae to punish crypto scammers with fines and jail time

Cryptocurrency scams (and crypto scammers) are a global problem, and the cost of this problem reached a staggering $14 billion in 2021 alone.

To discourage crypto scammers from targeting unsuspecting investors, the UAE Public Prosecution has recently announced its decision to punish them with fines of up to $136,124 USD (AED 500,000) and jail terms for the following offenses:

  • Promoting goods or services through misleading advertisement or using false data.
  • Advertising, promoting, brokering, or dealing in any form, or encouraging the dealing in a virtual or digital currency, a stored value unit, or any unit of payment that is not officially recognized in the UAE or without obtaining a license from the competent authority.

The penalties reflect Article 48 of the Federal Decree-Law No. 34 of 2021 on Combatting Rumors and Cybercrimes, and they’re explained in a video the UAE Public Prosecution shared on social media.

The UAE Public Prosecution is on a mission to increase awareness about the latest laws in the country, and it has issued several similar warnings in the past.

Also Read: 3 Best Cold Storage Wallets For Crypto In 2023

In 2020, for example, the UAE Public Prosecution warned that the use of the Internet Protocol for committing a crime or evading its discovery was a punishable offense in accordance with Article 9 of the Federal Law No. 5 for 2012 on combating cybercrimes and its amendments.

The UAE aspires to become a global crypto hub, and it needs a strong legislature to attract innovators and investors alike.

In February 2022, Sheikh Mohammed bin Rashid Al Maktoum approved the so-called Virtual Asset Law, establishing the Dubai Virtual Assets Regulatory Authority (VARA), whose purpose is to oversee the regulation and authorization of virtual asset activities in Dubai.

It will be interesting to see how much these new punishments will drop the amount of scams we see on a daily basis.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

on

December 17, 2024

By

uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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