UAE Police Issued Warning Against Digital Assets And Cryptocurrency Scams

UAE Police officials have recently warned its community from the risks of unmonitored large-scale transactions of electronic currencies that can expose users to fraud, piracy and money laundering related to cryptocurrency scam and Dh300 million international fraud case. It stated that police officials in Dubai, UAE’s economic hub, had issued a warning about crypto-related scams.

UAE’s internet security consultants also mentioned that the laws and legal framework relating to digital assets must support the Emirates Blockchain Strategy. In order to monitor and regulate the use of cryptocurrencies, local cybersecurity experts suggested founding a supreme national committee.

Major-General Khalil Ibrahim Al Mansouri, assistant-commander of criminal investigation department (CID) at the Dubai Police, stated that the absence of community awareness about the dangers of cryptocurrency scam and digital currency disclosures users to different e-crimes. Lt-Gen Dhahi Khalfan Tamim, deputy chairman of the Dubai Police and head of general security in Dubai, said there are no assurances to defend investors from any kind of fraud.

He further noted the increasing market value of the electronic currencies encouraged government officials around the world to caution against the risks of its trades, particularly with the nonappearance of legal regulations that defend investors. However, he even stated that the faith in digital currencies will always be interrogated as long as its source and tracking system remain unidentified, as stated in Khaleej Times.

As reported in Cryptoglobe, the head of general security in Dubai, Lt-Gen Dhahi Khalfan Tamim noted that electronic money could replace cash as electronic money transfers, or payments, would eventually reduce this scam and the number cash transactions and authorities throughout the world had delivered numerous warnings regarding the risks involved in the regulated market.

Previously, the UAE Central Bank governor Mubarak Rashed Al Mansouri also stated that cryptocurrencies are “often ill-treated for illegal bankrolling purposes. CCN reported that the UAE and Saudi Arabia have started a partnership on a proposed cross-border cryptocurrency. Initially, the UAE government had even announced a partnership with IBM for a blockchain trade monetary project.

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