News

UAE To Punish Crypto Scammers With Fines & Jail Time

The penalties reflect Article 48 of the Federal Decree-Law No. 34 of 2021 on Combatting Rumors and Cybercrimes.

Published

2 years ago

June 15, 2022

uae to punish crypto scammers with fines and jail time

Cryptocurrency scams (and crypto scammers) are a global problem, and the cost of this problem reached a staggering $14 billion in 2021 alone.

To discourage crypto scammers from targeting unsuspecting investors, the UAE Public Prosecution has recently announced its decision to punish them with fines of up to $136,124 USD (AED 500,000) and jail terms for the following offenses:

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 currency, a stored value unit, or any unit of payment that is not officially recognized in the UAE or without obtaining a license from the competent authority.

The penalties reflect Article 48 of the Federal Decree-Law No. 34 of 2021 on Combatting Rumors and Cybercrimes, and they’re explained in a video the UAE Public Prosecution shared on social media.

The UAE Public Prosecution is on a mission to increase awareness about the latest laws in the country, and it has issued several similar warnings in the past.

Also Read: 3 Best Cold Storage Wallets For Crypto In 2023

In 2020, for example, the UAE Public Prosecution warned that the use of the Internet Protocol for committing a crime or evading its discovery was a punishable offense in accordance with Article 9 of the Federal Law No. 5 for 2012 on combating cybercrimes and its amendments.

The UAE aspires to become a global crypto hub, and it needs a strong legislature to attract innovators and investors alike.

In February 2022, Sheikh Mohammed bin Rashid Al Maktoum approved the so-called Virtual Asset Law, establishing the Dubai Virtual Assets Regulatory Authority (VARA), whose purpose is to oversee the regulation and authorization of virtual asset activities in Dubai.

It will be interesting to see how much these new punishments will drop the amount of scams we see on a daily basis.

Related Topics:Cryptocurrency United Arab Emirates

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Samsung Smart Glasses Teased For January, Software Reveal Imminent

According to Korean sources, the new wearable will launch alongside the Galaxy S25, with the accompanying software platform unveiled this December.

Published

2 days ago

December 4, 2024

Nour Nasir

samsung smart glasses teased for january software reveal imminent

Samsung appears poised to introduce its highly anticipated smart glasses in January 2025, alongside the launch of the Galaxy S25. According to sources in Korea, the company will first reveal the accompanying software platform later this month.

As per a report from Yonhap News, Samsung’s unveiling strategy for the smart glasses echoes its approach with the Galaxy Ring earlier this year. The January showcase won’t constitute a full product launch but will likely feature teaser visuals at the Galaxy S25 event. A more detailed rollout could follow in subsequent months.

Just in: Samsung is set to unveil a prototype of its augmented reality (AR) glasses, currently in development, during the Galaxy S25 Unpacked event early next year, likely in the form of videos or images.

Additionally, prior to revealing the prototype, Samsung plans to introduce…

— Jukanlosreve (@Jukanlosreve) December 3, 2024

The Galaxy Ring, for example, debuted in January via a short presentation during Samsung’s Unpacked event. The full product unveiling came later at MWC in February, and the final release followed in July. Samsung seems to be adopting a similar phased approach with its smart glasses, which are expected to hit the market in the third quarter of 2025.

A Collaborative Software Effort

Samsung’s partnership with Google has played a key role in developing the smart glasses’ software. This collaboration was first announced in February 2023, with the device set to run on an Android-based platform. In July, the companies reiterated their plans to deliver an extended reality (XR) platform by the end of the year. The software specifics for the XR device are expected to be unveiled before the end of December.

Reports suggest that the smart glasses will resemble Ray-Ban Meta smart glasses in functionality. They won’t include a display but will weigh approximately 50 grams, emphasizing a lightweight, user-friendly design.

Feature Set And Compatibility

The glasses are rumored to integrate Google’s Gemini technology, alongside features like gesture recognition and potential payment capabilities. Samsung aims to create a seamless user experience by integrating the glasses with its broader Galaxy ecosystem, starting with the Galaxy S25, slated for release on January 22.