Dubai police have partnered with local crypto exchange BitOasis to help raise awareness on crypto-related frauds in the country, news media Arab News reported on Monday.
Ola Doudin, CEO of BitOasis, commented that it would work with authorities to educate investors on securing their cryptocurrency investment. She added that the frauds on P2P platforms have become frequent, and the partnership will help build regulations to prevent such incidents.
In a conversation with crypto news media Cointelegraph, Doudin noted:
“The BitOasis team has been working very closely with policymakers and regulators to build trust and transparency into the crypto ecosystem. Partnering with Dubai Police is also a move in the same direction.”
The UAE has noted some positive trends towards cryptocurrencies lately. In May of this year, the Dubai International Airport Free Zone Bureau and the country’s Securities and Commodities Authority (SCA) agreed to promote the cryptocurrency business in the economic zone of Dubai International Airport.
In addition, on September 23rd, UAE authorities approved crypto trading within Dubai’s DWTCA free zone.
Tarek Mohammed, head of the crypto crime department of the Dubai Police Agency, noted:
“(The UAE) is taking a hands-on approach to ensuring the financial security of the country, investors, and all stakeholders operating within the crypto space.”
He added that the police department has been ‘extensively’ learning about cryptocurrencies and blockchain technology.