Dubai Police partners with BitOasis to fight crypto fraud

Mon 04 Oct 2021 ▪ 13h20 ▪ 2 min de lecture - par Hugh Renolds

Dubai Police have entered into a partnership with BitOasis to combat crime in the cryptocurrency space. For successful cooperation, the police department began active training of its officers.

UAE’s track record of crypto love

The United Arab Emirates is steadily gaining a reputation as a global key player in the cryptocurrency field and continues to test and implement different measures to ensure safe digital asset trading.

In terms of cryptocurrency adoption, the state continues to set rules aiming to facilitate their growth and create an enabling environment for working with them. To that end, the Dubai Police have even partnered with the cryptocurrency company BitOasis to declare cyber war on crypto scammers, Coinquora.com reports.

A word from the higher-ups

BitOasis Chief Executive Officer Ola Doudin confirms: “We are working with key policymakers to help them build regulation that will make crypto safe for investors.”

Obviously, these initiatives indicate that the country is interested in promoting the cryptocurrency trading system. Tarek Mohammed, head of the Dubai Police Department for Combating Virtual Asset Crimes, confirmed this by saying: “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.”

In addition, the police department is extensively training its staff to understand cryptocurrencies and blockchain technology, he said.

Some steps in this direction have already been taken earlier. The UAE Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) have developed regulations to support cryptocurrency trading. The agreement implies creating a structure that would allow DWTCA to issue permits and licenses for financial activity, including operations with Bitcoin and Ethereum.

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Hugh Renolds

I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.