I guess no, you will not be arrested and as what as you said bitcoin is not illegal in your country so how will you jail and who will do it for you. There are so many cryptocurrencies now and I guess there's not even one got in jailed because of creating some new cryptocurrency
making new crypto as we want is legitimate, but most importantly our crypto version is accepted in the community or not, because the most difficult product is marketing it, because without public recognition and the public is not interested in our version of crypto, it's the same, big loss will befall us.