Dubai Police partners with crypto exchange to combat frauds

Dubai Police partnered with a cryptocurrency trading platform to curb crypto frauds, as per local reports. The collaboration aimed to educate investors and traders more about the sector. As per local reports, Ola Doudin, CEO of Crypto exchange BitOasis said,

“We have been working with key policymakers to help them build regulation that will make crypto safe for investors.”

Additionally, police are being trained to identify crypto frauds as part of “effective investigation methodologies to combat the risks associated with crypto trading.”

Further, head of virtual asset crime section at Dubai Police stated,

“(The UAE) is taking a hands-on approach to ensuring the financial security…”

The UAE has been embracing crypto, with one in four investors looking at the asset as an “exciting investment” opportunity. In terms of regulations, Dubai’s economic free zone recently signed an agreement with UAE’s Securities and Commodities Authority (SCA) to trade crypto assets. The agreement, which was signed in September, supports

“the regulation, offering, issuance, listing and trading of crypto assets and related financial activities” within the free zone.

Recently, a survey had revealed that institutional investors and wealth managers in the UAE are looking to increase their crypto exposure between now and 2023. Supporting the advancement in the sector, Stephen Stonberg, CEO of Bittrex Global, had said in an interview that Dubai is well-positioned to benefit from the trend. He said

,

“It’s a great place to set up your token project, or run a cryptocurrency exchange.”

He further added that the region’s status as a “tax haven” bolstered its growth. In terms of legal status, reports call UAE a part of the most “progressive” crypto countries in the world. Dubai Multi Commodities Centre (DMCC) is another example of a crypto center that the city opened to house companies in the sector.

Meanwhile, Dubai is buckling up for a Crypto Expo

in October. The aim of the expo will be for leaders to network and explore more business opportunities in the crypto space.

Crypto players like CoinSwap, Koda, and CryptoBiz are among the 40 official sponsors for the upcoming event. MinePlex Banking had also hosted a blockchain and crypto industry conference in Dubai last week.