It has been reported that the exchange’s partnership with the Dubai Police is intended to help build regulations that will make crypto safe for investors in the region.
Ola Doudin, the CEO of BitOasis, said:
“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.”
However, the move to safeguard investors coincides with UAE regulators’ decision to approve crypto trading within Dubai’s DWTCA free zone on September 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.
The report said that 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, the 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.
Likewise, Mohammed warned local investors from accepting dirhams for cryptocurrencies from anonymous sources.
“(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.”
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.
Thus, Stephen Stonberg, the 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.”