BitOasis, a cryptocurrency exchange from the United Arab Emirates, has teamed up with the Dubai Police Force to raise awareness about scams related to cryptocurrency investments and trading.
BitOasis CEO Ola Doudin said the exchange’s partnership with Dubai Police aims to help establish regulations that will make crypto safe for investors in the region. Speaking to Cointelegraph, Dowden said:
“The BitOasis team works closely with policy makers and regulators to build trust and transparency in the crypto ecosystem. The partnership with Dubai Police is also a step in the same direction.”
The move to protect investors coincides with the decision of the UAE regulator to approve the trading of cryptocurrencies within the DWTCA Free Zone in Dubai on September 23. On the same day, BitOasis announced that it was connecting its services to GoAML, a monitoring platform created and operated by the UAE’s financial intelligence. Suspicious Transaction Reporting Unit.
This partnership will also see the active participation of the National Committee for Combating Money Laundering and Terrorist Financing and Illegal Organizations, a state-run organization focused on building AML/CFT frameworks.
Tariq Mohammed, Head of Virtual Asset Crimes Department at Dubai Police, said that the department is currently undergoing extensive training to understand cryptography and blockchain. Muhammad warned local investors against accepting dirhams for cryptocurrency from unknown sources, adding:
“(UAE) is taking a pragmatic approach to ensuring the financial security of the country, investors and all stakeholders working in the crypto space.”
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According to some in the industry, the UAE will benefit from its status as a global tax haven and its friendly policy towards cryptocurrencies. Steven Stoneberg, CEO of global crypto exchange Bittrex, said earlier in August that the UAE was “doing all the right things and will attract a lot of regional projects.”