Fines of up to $136,124 (AED 500,000) and jail terms will be imposed on people and entities who are dealing in unlicensed digital payments or promote virtual currencies that are not officially recognised or licensed in the UAE, according to a video published by the UAE Public Prosecution on its social media accounts.
In the video, the UAE Public Prosecution explained the penalties that will be imposed for misleading consumers through advertisements and promotions.
The penalties are in line with Article 48 of the Federal Decree-Law No. 34 of 2021 on Combatting Rumours and Cybercrimes.
People will be subject to imprisonment and a fine of not less than AED20,000 and not more than AED500,000, or one of the two, if they mislead consumers through information networks, information technology solutions, or online platforms.
This includes:
- Promoting goods or services through misleading advertisement or using false data.
- Advertising, promoting, brokering, or dealing in any form, or encouraging the dealing in a virtual or digital currencies, a stored value unit, or any unit of payment that is not officially recognised in the UAE or without obtaining a license from the competent authority.
These posts are part of the Public Prosecution’s continuous efforts to promote a strong legal culture among members of the community and increase their awareness about the latest legislations in the country, especially around digital currencies.
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