BitOasis, a cryptocurrency exchange from the United Arab Emirates, has partnered with the Dubai Police Force to raise awareness about frauds related to crypto investment and trades.
The exchange’s partnership with the Dubai Police is intended to help build regulations that will make crypto safe for investors in the region, BitOasis CEO Ola Doudin said. Speaking to Cointelegraph, Doudin stated:
“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 move to safeguard investors coincides with UAE regulators’ decision to approve crypto trading within Dubai’s DWTCA free zone on Sept. 23. On the same day, BitOasis announced it was linking its services with GoAML, a surveillance platform built and operated by the UAE Financial Intelligence Unit, for reporting suspicious transactions.
This partnership will also see the active involvement of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations, a state-run organization focused on building Anti-Money Laundering and Combating the Financing of Terrorism frameworks.
Tarek Mohammed, head of the virtual asset crime section at the Dubai Police, said that the department is currently undergoing extensive training to understand crypto and blockchain. Mohammed warned local investors from accepting dirhams for cryptocurrencies from anonymous sources, adding:
“(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.”
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According to some in the industry, the UAE stands to benefit from its status as a global tax haven and its friendly policy toward cryptocurrencies. Stephen Stonberg, CEO of Bittrex Global crypto exchange, said earlier in August that the Emirates are “doing all the right things and they’re going to attract a lot of regional projects.”