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UAE Begins Working With Crypto Industry to Fight Fraud

2 mins
5 October 2021, 17:41 GMT+0000
Updated by Ryan James
5 October 2021, 17:42 GMT+0000
In Brief
  • The UAE is taking steps to clean up the cryptocurrency market in the country.
  • Dubai’s Police Virtual Asset Crime Section will be working with crypto exchange BitOasis to develop regulations for digital assets.
  • The Dubai Police began reaching out after a group of P2P platforms were targeted by cryptocurrency scams.
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The Dubai Police is getting together with BitOasis to “make crypto safe for investors.”

The United Arab Emirates (UAE) is taking a more active role in protecting citizens from fraudulent blockchain activities via a collaboration with BitOasis. The pair will be working together with the goal of raising awareness about the risk of investing in scam cryptos and how to avoid fraudulent trades. 

CEO and co-founder, of BitOasis, Ola Doudin, believes that “the crypto space cannot grow, and the growth cannot be sustainable if we don’t have regulation.” She says that the company has been working with notable policymakers to assist in creating regulations that make buying and trading digital assets safer. “We are extremely lucky in that regard because the UAE leadership’s stance towards crypto and blockchain technology has been very progressive.,” Doudin adds.

Doudin shared that BitOasis began working with the Dubai Police HQ after “a string of scams,” happened on P2P platforms.

Dubai Police building a team to fight crypto crime

Dubai’s Police Virtual Asset Crime Section will be in charge of the outreach program. The section was created in April 2021 to spread safety information and offer transparency to UAE’s crypto ecosystem. The section is the first of its kind in the region. According to a statement, the Virtual Assets Crime Section 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 pairing with companies in the private sector is expected to help further financial safety in the UAE. 

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

Under Mohammed’s leadership, each member of the Virtual Asset leg of the Dubai Police will be required to undergo intense training on digital currency. The focus will be on understanding the ins and out of how blockchain technology works.

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