RATE Group | Dubai Security Chief Wants Stricter Cryptocurrency Laws
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Dubai Security Chief Wants Stricter Cryptocurrency Laws

18 Sep Dubai Security Chief Wants Stricter Cryptocurrency Laws

Posted at 17:07h in Cryptocurrency News by

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Dubai security chief noted that stricter measures need to be put in place for cryptocurrency laws, to ensure investors’ protection.

The Use of Cryptocurrency in Electronic Crimes

Assistant-Commander of the Criminal Investigation Department (CID), Major-General Khalil Ibrahim Al Mansouri, said that the public was not enlightened on the dangers of virtual currency. This made them easy targets for various electronic crimes.

According to Khaleejtimes, Dubai officials announced on September 16th that an international fraud case worth Dh300 million was under investigation. The fraud occurred using virtual currency.

Dubai experts at a panel discussion called for a supreme national committee that would create the groundwork for the monitoring of cryptocurrencies. This would be tailored in accordance with the Emirates Blockchain Strategy.

The experts also suggested an electronic UAE digital currency with the use of Blockchain technology. Furthermore, they said that the prohibition of…

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