Dubai: In the short period that crypto has moved from a lesser-known niche into an era of increasing popularity and adoption, cases of crypto-related fraud continue to grab the headlines. To counter the risks associated with crypto trading, the UAE government has been very proactive in working with key players in the private sector to bring security and transparency to the crypto space.
Speaking at a webinar hosted by CoinTelegraph ahead of the Future Blockchain Summit to be held in Dubai from October 17-20, 2021, Exp Tarek Mohammed, Virtual Asset Crime Section Chief, Dubai Police Headquarters and Ola Doudin, CEO and co-founder of BitOasis, the UAE’s first and largest crypto asset exchange, has addressed some of the most pressing crypto security concerns.
Exp Tarek M. commented, “The UAE is not only on its way 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 all stakeholders. operating in the crypto space.
Ola Doudin added, “The crypto space cannot grow, and growth cannot be sustainable if we don’t have regulations. We have worked with key decision makers to help them establish regulations that will make crypto safe for investors. We are extremely fortunate in this regard, as the UAE leadership’s stance towards crypto and blockchain technology has been very progressive. “
Under the supervision of Exp Tarek Mohammed, all members of the Virtual Asset Crime section of the Dubai Police Department undergo extensive training to understand how crypto and blockchain technology works. In a recent debate hosted by the General Criminal Investigation Department (CID) of the Dubai Police Force, BitOasis participated in discussions about the future of cryptocurrency in the UAE and how it works closely. working with Dubai Police Headquarters and law enforcement to address associated security risks. . The ultimate goal is to evolve effective survey methodologies to combat the risks associated with crypto trading.
Expanding on how BitOasis strategically partners with Dubai Police Headquarters, Ola said, “There is a series of scams on P2P platforms, and we are actively working with Dubai Police to educate investors and investors. traders about the risks and how they can avoid them. . “
On unlicensed peer-to-peer exchanges becoming a money laundering haven, Exp Tarek M. said, “Crypto investors should be wary of accepting payments in dirhams from an anonymous source, in exchange for cryptocurrency. With a significant chance that this payment will come from the proceeds of crimes such as drug trafficking, human trafficking or other illicit activities, investors may unknowingly become complicit in the crime.
Asked how some global trade is growing and changing too quickly without any regulation holding it back, Ola said, “Regulation will come sooner or later. The question is, do you have a lasting relationship with regulators and are you willing to walk with them before you can introduce yourself. At the end of the day, we are dealing with people’s money, so it’s incredibly important for us as a company to build trust in our platform and the ecosystem at large.
About Dubai Police:
Virtual Asset Crime Section: Launched in April 2021, the “Virtual Asset Crime Section” of the Dubai Police Force is the first of its kind in the region. Operating within the framework of the recommendations of the Executive Bureau for Combating Money Laundering and the Financing of Terrorism (AML / CTF) and the Financial Action Task Force (FATF), this division aims to combat risks within the crypto space.
BitOasis BitOasis is the leading online digital asset trading platform in the Middle East and North Africa (MENA). Headquartered in the United Arab Emirates, BitOasis currently offers its services to retail and professional traders and investors in the Gulf Cooperation Council (GCC) region and the wider Middle East market. All services offered, marketed or promoted by BitOasis to users are via www.bitoasis.net
© Press release 2021