- Cryptocurrency is not yet recognized in the UAE
- Earlier, activities related to cryptocurrency were banned but it was not considered a criminal offense.
The new amendment contains stricter provisions aimed at protecting the country’s citizens from cyber fraud. It also aims to secure the country’s online financial transactions. Last month, UAE President Sheikh Khalifa approved an amendment to the law aimed at revolutionizing the law.
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Cryptocurrency is not yet recognized in the UAE. Therefore, promoting it and engaging in advertisements and campaigns related to it is an offense under Section 48 of the new Cyber Act. It is a similar offense to create misleading and inaccurate advertisements related to cryptocurrency. The penalty is imprisonment and a fine of up to Rs 5 lakh. Earlier, activities related to cryptocurrency were banned but it was not criminalized.
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According to the new law, it is an offense to circulate electronic currencies without a license from the relevant official agencies, thereby extorting money from the public, punishable by up to five years in prison and a fine of up to Rs 10 lakh. The UAE has come up with strong legislation in view of the growing popularity of cryptocurrencies and the potential for crime related to it.
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