Dubai Police & BitOasis Exchange Working Together To Increase Public Knowledge On Crypto Fraud Activities

Date:

BitOasis exchange has been working with UAE key lawmakers to help them create laws that would make cryptocurrency investments safe for investors. The firm appreciates the UAE leadership’s stance on cryptocurrencies and blockchain technology which has been mainly on the positive side.

BitOasis recently participated in a panel discussion organised by Dubai Police’s General Department of Criminal Investigation (CID) to discuss the future of cryptocurrency in the United Arab Emirates, as well as how it is collaborating closely with Dubai Police HQ and other law enforcement agencies to address the security risks associated with cryptocurrency. 

https://twitter.com/arabnews/status/1444534225928081408

This is discussed between Tarek Mohammed, Head of the Virtual Asset Crime Section, Dubai Police HQ, and Ola Doudin, CEO and co-founder of BitOasis, the United Arab Emirates’ first and largest cryptocurrency asset exchange, as they touched upon the most pressing concerns surrounding cryptocurrency.

READ MORE:

Dubai World Trade Centre Supports, Recognizes Crypto Investment

Dubai Police Put Emphasis On Crypto Security

Meanwhile, Tarek insisted that the UAE is not only on the road to becoming a crypto hub in the region, but it is also taking a hands-on approach to ensuring the financial security of the country, investors, and other stakeholders operating in the crypto industry.

He also affirmed that all police members under his responsibility are undergoing intensive training to get a greater knowledge of how cryptocurrencies and blockchain technology work. 

Since there has been a series of scams happening on P2P platforms, BitOasis has increased its strategic relationship with the Dubai Police Headquarters. Together, they are actively working to educate investors and traders on the risks they face and how they can prevent them.

When it comes to the potential of unregulated peer-to-peer exchanges serving as havens for money laundering, cryptocurrency investors should be wary of getting payment in Dirhams from an unknown source in exchange for Bitcoin. 

This is because there is a significant probability that this payment was paid from the proceeds of a crime such as drug sales, human trafficking, or other criminal activities, investors may unknowingly become participants in the crime.

READ MORE:

Do You Think Quantum Computing ‘Threatens’ Crypto Industry? This Invention Might Determine The Next Big Thing

The United Arab Emirates Is Embracing Cryptocurrencies

From a numerical perspective, one out of every four UAE investors sees cryptocurrency as an “interesting investment” possibility. 

In terms of law, Dubai’s economic free zone recently signed an agreement with the UAE Securities and Commodities Authority (SCA) to allow for the trade of cryptocurrency assets

It was signed last month and officially supports the regulation, offering, and issuance of cryptographic assets and related financial operations inside the free zone.

https://twitter.com/tokenmetricsinc/status/1440692365589508103

According to a survey published earlier this year, institutional investors and wealth managers in the United Arab Emirates want to increase their cryptocurrency exposure between now and 2023.

Experts believe that Dubai is well-positioned to benefit from the trend as it is also an ideal place for starting a token project or running a cryptocurrency exchange, and the region’s image as a tax haven has aided its growth. 

In the meantime, Dubai is preparing for its first-ever Crypto Expo, which will take place this month. The aim of the exhibition will be for leaders in the crypto industry to network and learn about new business opportunities in the field.

CoinSwap, Koda, and CryptoBiz are among the 40 official sponsors for the upcoming event.

READ MORE:

Visa & More Institutions Taking Part In NFT, Crypto Becomes ‘Good Sign’ For Retail Investors

We Want To Hear From You

What is your opinion on this development? Share your thoughts with us in the comments below.

JOIN OUR NEWSLETTER

spot_imgspot_img

Popular

Disclaimer: The views expressed in The Coin Times are solely those of the authors cited. It does not constitute The Coin Times recommendation to buy, sell, or hold any investment. Before making any financial decisions, it is recommended that you undertake your own research. Use the information supplied at your own risk. For additional information, please see the Disclaimer.

More like this
Related

How Do You Know When The Next Alt-Season Is Coming?

Markets operate in a variety of ways. A single...

Crypto.com Named Official Partner Of Miami Grand Prix

Organizers of the Miami Grand Prix have signed a...

Crypto Mortgages and the Housing Industry

How Crypto-Currency Impacts Mortgage Industry Cryptocurrency is the new form...

An Overview of Initial Coin Offerings (ICOs)

When a company needs to raise funds, it will...