It’s no secret that Dubai is fast becoming a crypto powerhouse, with the world’s largest crypto exchange, Binance, speculated to relocate to the city and a dedicated crypto zone planned for the Dubai WTC. Now, with the city embracing crypto like no other, new legal reforms have been announced in the country.

The most recent of these is one that will sentence cryptocurrency criminals to five years in prison and subject them to fines that can go up to Dh1 million.

The new legal reform, according to the National, is intended to safeguard the people from financial fraud. Remember the Dubai Coin relaunch hoax that was being promoted earlier this year? Basically, those advertising rogue cryptocurrency schemes like that one can be subjected to this.

The crackdown was announced last month as part of President Sheikh Khalifa’s series of broad legislative changes.