The UAE Public Prosecution announce they will impose fines up to $136,124 (AED 500,000) and jail time for people and businesses who use unlicensed crypto payments.
The UAE Public Prosecution shared a video explaining the penalties that are enforced by Article 48 of the Federal Decree-Law on Combatting Rumours and Cybercrimes.
People who are caught misleading consumers in crypto will be subject to a minimum fine of AED 20,000 and no more than AED 500,000.
Some offenses include promoting goods or services through misleading advertisements or advertising and brokering deals in digital currencies not recognized by the UAE.
