Shilling unregistered cryptos may result in a prison sentence in the UAE starting from 2022

Promoters of cryptocurrency scams will face up to five years in jail starting from January, according to a report by The National. They could also be slapped with fines of up to 1 million dirhams ($272,261).

The move is meant to promote online safety after the cryptocurrency experienced massive growth this year, thus becoming an attractive destination for bad actors who are eager to exploit retailer investors.

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.

In July, Abu Dhabi police warned investors against falling for get-rich-quick scams that involve cryptocurrencies.

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