Dubai Police has partnered with cryptocurrency business BitOasis to address the growing number of cases of cryptocurrency fraud.
According to Arab News, the collaboration’s goal is to educate investors and traders about cryptocurrency fraud. Ola Doudin, CEO of BitOasis, stated that the company’s collaboration with law enforcement may assist protect investors and traders, considering the prevalence of scams on peer-to-peer networks.
“We have been working with key policymakers to help them build regulation that will make crypto safe for investors,”
According to Tarek Mohammed, head of the Dubai Police’s virtual asset crime unit, the police department is currently aggressively teaching its officers on crypto and blockchain.
“(The UAE) is taking a hands-on approach to safeguarding the country’s financial security, as well as the financial security of investors and all players operating in the cryptocurrency space,” Mohammed stated.
UAE embraces blockchain technology and cryptocurrency
The agreement is being revealed at a time when the UAE is embracing blockchain technology and digital assets. The UAE Securities and Commodities Authority (SCA) and Dubai World Trade Centre Authority (DWTCA) previously reached an agreement to facilitate cryptocurrency trading.
The agreement established a framework for the DWTCA to approve and license financial activities involving digital assets like Bitcoin (BTC) and Ethereum (ETH).
“As Dubai continues its transition to an innovation- and digital-driven economy, the DWTCA is eager to encourage enterprises that are built on blockchain and cryptography technologies,” DWTCA director-general Helal Saeed Almarri said in a statement. “With new technologies such as non-fungible tokens poised to play a significant role in the future of commerce and building on the Future Blockchain Summit, our globally-recognized event in this space, DWTCA is also exploring ways to provide a sustainable home for this ecosystem in order to remain future-ready.”
Cryptocurrency frauds are becoming more prevalent.
Scams using cryptocurrency have increased in frequency as digital assets have gained public acceptance. Between October 2020 and March 2021, the Federal Trade Commission (FTC) received more than 6,800 complaints about cryptocurrency investment frauds.
The agency reported that losses to crypto investment scams totaled more than $80 million over the last six months, more than ten times the amount lost a year before during the same period.
Also Read: Powell Declares That There Is No Intent To Ban Cryptocurrency
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