Championing crypto-safety in the UAE – BitOasis advocates for Consumer Protection and Government Collaboration
BitOasis, the UAE and MENA's largest crypto asset exchange is ramping up efforts to educate the public about investing in crypto-assets safely and securely.
Whilst policymakers globally continue to consider how best to regulate crypto asset activity, we're seeing more supervisors take immediate steps, ahead of the introduction of crypto specific regulatory frameworks, to bolster their know-your-customer (KYC) and anti-money laundering (AML) processes, in a bid to protect the crypto ecosystem from criminal financial activity.
The UAE has taken the lead in building a virtual asset supervision framework that will increase trust and transparency in the evolving crypto space in the country.
However, crypto safety also starts with each of us.
Over the last few months, BitOasis has announced partnerships with key government supervisors and partners such as the Central Bank of the United Arab Emirates where we are directly connected to the Financial Intelligence Unit's Go-AML platform, the Executive Office of Anti-Money Laundering and Counter Terrorism Financing (AML/CTF), and the Dubai Police, with the aim of making trading in crypto-assets safe for everyone in the UAE. That being said, every crypto investor or trader has a responsibility to ensure the safety of our crypto market for the wider community.
Using a supervised crypto asset exchange that works closely with government stakeholders provides UAE residents a secure way to enter the crypto space. As an investor, you would normally refrain from using unregulated platforms to invest in conventional financial assets like stocks, forex, commodities and such. Dealing with a supervised crypto exchange should follow the same logic. The goal is to protect your investment, and compliance and collaboration with government stakeholders plays a big role in that.
P2P exchanges can often become a breeding ground for money launderers. Police reports from around the world have highlighted cases where some bad actors use these exchanges to move illicit funds obtained from criminal activities such as drug trafficking, human trafficking or terrorism financing.
Centralized crypto exchanges like BitOasis require buyers and sellers of crypto assets to complete specific KYC (Know-Your-Customer) requirements. This KYC compliance is a competitive advantage in the crypto marketplace, since it helps safeguard the platform's users from unknowingly getting caught up in money laundering rackets.
From being viewed as a highly speculative asset class, to making its way on to the portfolios of a growing number of retail and institutional investors, crypto assets are going mainstream. The UAE's regulators and policymakers have been proactive in working with BitOasis to put in place frameworks and procedures to protect the UAE crypto community. Such initiatives help cement the UAE's position as a global crypto & blockchain hub and will play a key role in helping the region's crypto space mature in the coming years.
Looking to expand your crypto portfolio, or invest in crypto for the very first time? Visit BitOasis – the largest and most trusted cryptocurrency platform in the MENA region, offering you 20+ cryptocurrencies to choose from.