BitOasis has partnered with the Dubai Police Force to create awareness regarding cryptocurrency investment and trade fraud and also to establish safety regulations around crypto investments in the region.
According to BitOasis CEO Ola Doudin, the exchange’s collaboration with the Dubai Police Department is aimed at assisting in the development of rules that will make cryptocurrency secure for investors in the region. According to Doudin, who spoke with Cointelegraph,
“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.”
On September 23, UAE officials approved crypto trading within Dubai’s DWTCA free zone, a move aimed at protecting investors.
On the same day, BitOasis stated that it would integrate its services with GoAML, a monitoring platform for reporting suspicious transactions developed and administered by the UAE Financial Intelligence Unit.
The National Committee for Combating Money Laundering, Terrorism Financing, and Illegal Organizations, a state-run agency focusing on developing Anti-Money Laundering and Counter-Terrorism Financing frameworks, will also be actively involved in this relationship.
The Dubai Police Department is currently undertaking significant training to comprehend cryptocurrency and blockchain, according to Tarek Mohammed, chief of the virtual asset crime unit.
Local investors have been cautioned not to accept dirhams in exchange for cryptocurrency from unknown sources, according to Mohammed.
“(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.”
Some in the industry believe the UAE will benefit from its role as a worldwide tax haven and its pro-crypto policy. The UAE is “doing all the right things and they’re likely to attract a lot more regional projects,” according to Stephen Stonberg, CEO of Bittrex Global crypto exchange, earlier this month.