UAE is the country that listens to it people. As Dubai is becoming the crypto powerhouse. Many Dubai based businesses have started accepting payments in the form of crypto.
But as crypto has a history where people have faced various frauds. There are a lot of scammers in the market. But now, there will be fines of up to 1 million dirhams ($272,261) and 5 years prison time.
New measures penalize the promotion of unlicensed cryptocurrencies, as explained by lawyer Dr. Hassan Elhais. Apart from crypto, they will also apply to those who advertise fake companies.
The move is aimed at improving cybersecurity. New measures will punish unauthorized cryptocurrency promotion.
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