Dubai Police And Crypto Firms Teams Up To Educate Investors Regarding Frauds Involving Cryptocurrencies

By Micheal On Oct 3, 2021

golden coin bitcoin against the background of a modern city

Recently Dubai Police has teamed up with cryptocurrency company BitOasis to combat growing fraud cases involving cryptocurrencies.

The collaboration aims to raise awareness among investors and traders about crypto fraud, Arab News reports.

Ola Doudin, CEO of BitOasis, said the company’s partnership with the police will help protect investors and traders from scams involving peer-to-peer platforms.

“We work with key policymakers to assist investors in building crypto-secure controls,” Doudin said.

The head of the Dubai Police Virtual Asset Crime Unit Tarek Mohammed said the police department was now training its forces extensively to understand the new crypto and blockchain technology.

“(UAE) will adopt a policy to ensure financial security for the country, investors, and shareholders operating in the crypto space,” Mohammed said.

This partnership was announced as the UAE adopted blockchain technology and crypto-assets. The UAE Securities and Commodities Authority (SCA) and the Dubai World Trade Center Authority (DWTCA) have previously signed an agreement further supporting crypto trading.

“As Dubai moves towards innovation and the digital-led economy, DWTCA seeks to support businesses based on blockchain and cryptographic technologies”, said DWTCA director-general Helal Saeed Almarri.

At the world-renowned Future Blockchain Summit in the region, he further added that DWTCA will continue to offer a sustainable offer with the growth of new technologies such as non-fungible tokens that will play an important role in future trade. This habitat is already home-ready for the future.”

Fraudulent activities with cryptocurrencies have increased as digital assets have entered the mainstream. The Federal Trade Commission (FTC) said it received more than 6,800 complaints of cryptocurrency fraud between October 2020 and March 2021.

The agency further noted that cryptocurrency fraud losses were more than $80 million during the six months or 10 times higher than compared to the same period a year ago.