Dubai police and a cryptocurrency trading firm have joined hands to make investors and traders aware of the risk of fraud while trading in cryptocurrency.
“We have been working with key policymakers to help them build regulation that will make crypto safe for investors,” Ola Doudin, chief executive officer of BitOasis, said
She said there is a “string of scams happening on peer-to-peer platforms,” and the partnership with the police could help investors and traders steer clear of them.
It comes as the UAE takes an active role in promoting blockchain technology, with the announcement of several initiatives that make it easier to for crypto players to transact.
“(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,” Tarek Mohammed, head of virtual asset crime section at Dubai Police.
The police department is training its force “extensively” to understand crypto and blockchain technology, he said.
The partnership aims to create “effective investigation methodologies to combat the risks associated with crypto trading.”