The BitOasis cryptocurrency exchange will assist Dubai Police in spreading fraud awareness.
Cryptocurrencies in the UAE
BitOasis is a leading cryptocurrency exchange operating in the Middle East and North Africa region. It has its headquarter in the United Arab Emirates or the UAE. In the region, cryptocurrency is gaining popularity. People are finding it as an alternative to Hawala system, which bypasses the traditional banking route. The UAE is considered a global leader in cryptocurrency trading. Public awareness about cryptocurrency is essential for the sustainable growth of the market. BitOasis has entered into collaboration with Dubai Police Force to establish safety regulations in the cryptocurrency trading ecosystem.
UAE approach to Blockchain Technology and Cryptocurrencies
So far, there is no uniform policy on blockchain technology or cryptocurrencies across the UAE. The UAE has officially favored blockchain technology. The Emirates Blockchain Strategy 2021 and the Dubai Blockchain Strategy are the initiatives that indicate the seriousness of the authorities. The UAE government is considering blockchain technology as the “Fourth Industrial Revolution”. There are over 100 startups operating in Abu Dhabi in the blockchain technology field.
Public awareness and frauds
With the increasing popularity of cryptocurrencies, frauds are being reported frequently. Cryptocurrency is more complex than conventional financial products. As a result, the risk associated with an investment in cryptocurrencies is higher. In 2021, only several hundred fraud cases have emerged. Money lost by the people of Dubai amounts to millions due to such frauds.
BitOasis partnership with Dubai Police Force has two broad objectives. It aims to create public awareness about fraud in cryptocurrency trading. The partnership also aims to help create regulations necessary for the smooth functioning of cryptocurrency trading