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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.

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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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Apple Announces New iPad Pro With M4 Chip And Updated iPad Air

“This is the biggest day for iPad since its introduction,” said CEO Tim Cook in a video posted to Apple’s website.

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apple announces a new ipad pro with m4 chip and updated ipad air
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Apple’s latest updates to its popular iPad Air and Pro models were announced on Tuesday, May 7. These are the first changes since 2022, the longest stretch between new models since the iconic device was revealed in 2011.

Both the 11-inch and 12.9-inch versions of the iPad Pro have received a huge design overhaul. The most noteworthy change is the move to OLED screens, with the 12.9-inch version receiving a small bump in size to 13 inches. Apple claims the new tablets are brighter and more vibrant than outgoing models, thanks to a technology it calls “tandem OLED” or “Ultra Retina XDR”.

The 13-inch model now measures an astonishing 5.1 mm in thickness, which Apple says is its slimmest device ever. (The 11-inch version is 5.3 mm thick.) For those who prefer the look of a matte display, a nano-texture coating will also be available for the first time on the Pro models.

Finally, the new iPad Pros have received a processor bump to the latest M4 chip, which Apple says is an “outrageously powerful chip for AI”, offering an example of its ability to quickly and efficiently isolate subjects from backgrounds in videos.

The iPad Pro 11-inch starts at $999, and the larger 13-inch version starts at $1,299 with 256GB of storage.

Updated iPad Air In Two Sizes

The sixth-generation iPad Air didn’t receive as many upgrades as the iPad Pro but significantly does now come in two sizes. As with the Pro models, buyers now have the choice between an 11-inch and 13-inch screen, meaning they don’t need to invest in a Pro version just to get a 30% bump in display size.

Apple kept the same design for the iPad Air that it first revealed in 2020, complete with a USB-C port and Touch ID in the top button. The only difference is the front camera placement, which has been moved to the center of the iPad when in landscape orientation.

The 11-inch iPad Air is priced at $599 for the entry-level model, while the 13-inch version starts at $799.

Also Read: How To Clean Your Apple Watch Like A Pro

New Magic Keyboard Case

Apple also announced an updated (thinner, lighter) Magic Keyboard for its Pro iPads. The refreshed version now includes a function row (with controls for screen brightness). An aluminum palm rest and large trackpad with haptic feedback also help the premium case feel more like a Macbook.

The new Magic Keyboard is available for both the 11-inch and 13-inch iPad Pros and will be priced at $299 or $349, respectively.

Apple Pencil Pro

Apple also announced a new Apple Pencil, named Pro, at its event. The new model looks exactly the same but adds a “squeeze” function that opens a new tool palette. Meanwhile, a built-in gyroscope sensor lets you alter the orientation of the tools you’re using as you twist the device, offering finer control. Finally, the new pencil gets support for Apple’s Find My network, which should keep minds at rest at the prospect of losing the $129 device.

Finally, to round off Apple’s series of announcements, the entry-level iPad was reduced to $349 — a $100 price cut.

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