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
Are there rules that prohibit new crypto, none at all, all countries have no restrictions on new crypto, but that is a problem for new krypto usually when it is already on the money market, does the new krypto sell in the money market or not, this could be consideration for potential new crypto makers, because investors already understand that it is more profitable to buy something that is certain than something new.