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The UAE Public Prosecution (PP) defined at present, by means of a publish on its social media accounts, the penalty for unlicensed assortment of cash.
In response to Article No. 41 of the Federal Decree Legislation No. 34 of 2021 on Combatting Rumors and Cybercrimes, whoever invitations or promotes for a contest or a cryptocurrency or whoever creates or manages a faux firm or portfolio with a view to obtain or acquire cash from the general public for the aim of the funding, administration, utilization, or improvement thereof, with out being licensed by the involved authorities to take action, shall be sentenced to imprisonment
for a period of no more than 5 (5) years and/or fined a financial penalty
of not lower than AED 250,000 and less than AED 1 million.
The court docket shall rule in requiring to return again the acquired funds.
These posts are a part of the Public Prosecution’s steady efforts to advertise authorized tradition amongst members of the neighborhood and improve their consciousness concerning the newest legislations within the nation.
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