The Dubai Police Department has collaborated with a private crypto company (BitOasis) to combat cryptocurrency fraud.
As per local sources, Dubai police and the crypto company have resolved to educate investors and dealers about crypto fraud. Given the frequency of frauds occurring on peer-to-peer platforms, Ola Doudin, CEO of BitOasis, stated that the collaboration was formed to safeguard investors and traders.
“We have been working with key policymakers to help them build regulation that will make crypto safe for investors,” Doudin said.
Tarek Mohammed, the head of Dubai’s virtual police, also commented about the cooperation, saying that his team is intensively trained to comprehend crypto and blockchain.
“(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,” Mohammed added.
It’s worth noting that the crypto firm’s cooperation with the police comes when the UAE is embracing blockchain technology and crypto-assets. The Securities and Commodities Authority (SCA) of the United Arab Emirates and the Dubai World Trade Centre Authority (DWTCA) have previously reached an agreement to enable cryptocurrency trading.
Scams using cryptocurrency are on the rise ahead of police-crypto company cooperation.
The partnership appears to have arrived at the right moment since crypto fraud and scams have increased in recent months.
According to the FTC, the Federal Trade Commission (FTC) received more than 6,800 complaints about digital currency investment schemes between October 2020 and March 2021. As a result, over $80 million has been lost to cryptocurrency investment scams in the last six months, according to the US authority.
The recent wave of scams and crypto fraud continues to pose a danger to the whole crypto sector, attracting the attention of international leaders.