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 is nothing wrong, but it all depends on the market, whether crypto we make is acceptable or not, otherwise we will get a big loss, it would be good if we do not need to make a new product that is not necessarily successful, if we enlarge the product that is already running, we just have to accept the results without any time-consuming struggle and big risks that always haunt us.