Dubai Police teams up with a crypto platform to combat frauds

    05 Oct 2021

    Dubai Police has teamed up with cryptocurrency trading platform BitOasis to educate investors and traders about crypto fraud.

    The collaboration aimed to educate investors and traders more about the sector. As Arab News reported, Ola Doudin, CEO of Crypto exchange BitOasis said:

    “We have been working with key policymakers to help them build regulation that will make crypto safe for investors.”

    She said there is a “string of scams happening on peer-to-peer platforms,” and the partnership with the police could help investors and traders steer clear of them.

    Further, Tarek Mohammed, head of the virtual asset crime section at Dubai Police stated:

    “[The UAE] is taking a hands-on approach to ensuring the financial security of the country, investors, and all stakeholders operating within the crypto space.”

    By his words, the police department is training its force “extensively” to understand crypto and blockchain technology.

    The partnership aims to create “effective investigation methodologies to combat the risks associated with crypto trading,” Mohammed said.

    The UAE has been embracing crypto, with one in four investors looking at the asset as an “exciting investment” opportunity. In terms of regulations, Dubai’s economic free zone recently signed an agreement with UAE’s Securities and Commodities Authority (SCA) to trade crypto assets. The agreement, which was signed in September, supports “the regulation, offering, issuance, listing, and trading of crypto assets and related financial activities” within the free zone.

    Meanwhile, Dubai is buckling up for a Crypto Expo in October. The aim of the expo will be for leaders to network and explore more business opportunities in the crypto space.

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