BitOasis And Dubai Police Raise Awareness Of Crypto Fraud Threats

JAKARTA - BitOasis, a cryptocurrency exchange from the United Arab Emirates, has partnered with the Dubai Police to raise awareness about fraud related to crypto investing and trading.

The exchange's partnership with Dubai Police is meant to help establish regulations that will make crypto safe for investors in the region, said BitOasis CEO Ola Doudin. Speaking to Cointelegraph, Doudin stated:

“The BitOasis team has worked very closely with policymakers and regulators to build trust and transparency into the crypto ecosystem. Partnering with Dubai Police is also a step in the same direction."

The move to protect investors coincides with the UAE regulator's decision to approve crypto trading within Dubai's DWTCA free zone on September 23. On the same day, BitOasis announced that it is linking its services with GoAML, a surveillance platform built and operated by the UAE Financial Intelligence Unit, for reporting suspicious transactions.

The partnership will also see the active involvement of the National Committee on Combating Money Laundering and Terrorism Financing and Illegal Organizations, a state-owned organization focused on building the framework for Anti-Money Laundering and Combating the Financing of Terrorism.

Tarek Mohammed, head of virtual asset crime at the Dubai Police, said the department is currently undergoing extensive training to understand crypto and blockchain. Mohammed warned local investors against accepting dirhams for cryptocurrencies from anonymous sources, adding:

“(UAE) is taking a hands-on approach to ensure the financial security of the country, investors and all stakeholders operating in the crypto space.”

According to some industries, the UAE would benefit from its status as a global tax haven and its friendly policies towards cryptocurrencies. Stephen Stenberg, CEO of crypto exchange Bittrex Global, said in early August that Emirates "is doing all the right things and they are going to attract a lot of regional projects."