• The UAE has begun working with the cryptocurrency industry to combat fraud

  • The Dubai Police Department is collaborating with BitOasis to “make crypto safe for investors.”

    Through a collaboration with BitOasis, the United Arab Emirates (UAE) is taking a more active role in protecting citizens from fraudulent blockchain activities. The pair will collaborate to raise awareness about the dangers of investing in fraudulent cryptos and how to avoid fraudulent trades.

    Ola Doudin, CEO and co-founder of BitOasis, believes that “the crypto space cannot grow, and growth cannot be sustainable unless we have regulation.” She claims that the company has been collaborating with prominent policymakers to help create regulations that make buying and trading digital assets safer. “In that regard, we are extremely fortunate because the UAE leadership’s stance on crypto and blockchain technology has been very progressive,” Doudin adds.

    Doudin stated that BitOasis began working with the Dubai Police Headquarters following a “series of scams” on P2P platforms.

    Dubai Police is forming a team to combat cryptocurrency fraud.

    The outreach program will be overseen by the Police Virtual Asset Crime Section in Dubai. The section was established in April 2021 to disseminate safety information and provide transparency to the UAE’s crypto ecosystem. The section is the region’s first of its kind. The Virtual Assets Crime Section, according to a statement, operates “within the guidelines of the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) and Financial Action Task Force (FATF) recommendations.” The collaboration with private-sector companies is expected to improve financial security in the UAE.

    “The UAE is not only on its way to becoming a regional crypto hub, but it is also taking a hands-on approach to ensuring the country’s financial security,” says Exp Tarek Mohammed, head of Dubai’s Virtual Asset Crime Section. The program’s focus, according to Mohammed, is on stakeholders and investors who use cryptocurrency in the UAE.

    Each member of the Dubai Police’s Virtual Asset division will be required to undergo intensive digital currency training under Mohammed’s leadership. The emphasis will be on comprehending the intricacies of blockchain technology.

    What's your reaction?