The United Arab Emirates (UAE) will combat cybercriminals promoting cryptocurrency fraud with new regulations designed to protect the public from the risks of financial fraud and include stricter sanctions.
About the criminals five imprisonment of up to one year and $272 million will be imposed with a fine.
January 2, 2022The new law, which will come into force in Turkey, was made public as part of the legal reform announced by President Sheikh Khalifa last November.
The law will cover entities belonging to the cryptocurrency industry, those that maintain and promote unlicensed cryptocurrency activities that are not recognized by the authorities. The UAE argues that the advanced sanctions are an important step towards ensuring online cybersecurity.
According to a study, it was determined that in 2021, fraud activities related to the cryptocurrency industry reached around 80% across the countries within the scope of the UAE.
Last July, Abu Dhabi drew attention to similar situations and warned against cyber crooks that encourage potential investors to make quick and large sums of money.
In many parts of the world, there are organizations that carry out crypto money fraud activities. Due to cryptocurrency scam in Europe in May 30 million euros ($36.2 million) 6 people who got it were punished. The first country to show an advanced level of sanction from the penalties given is currently in the framework of the legal rules it has published. It is observed as UAE.