UAE empowers crypto investors in fight against scamsters
— Investors, Offered free cryptocurrency, World ’, Sells, Transactions using exchange platforms, Counterfeit nfts, Transfer recall scam, Fraudulent complaint, Seller, Hyper — 1 min read
In the first half of 2021, there were hundreds of crypto scams in Dubai with Dh80 million lost in total. Dubai has enacted a new law aimed at establishing the emirate as an international centre for crypto assets and related industries, such as the metaverse, and creating the Dubai Virtual Assets Regulatory Authority to oversee the regulation, governance, and licensing of virtual assets. In most of these scams, the scammer enters into agreements with the victim without making it formal, therefore, it becomes harder for the victim to proceed with legal action against the scammers. The scammer, posing as a broker, finds a seller and a buyer, convinces them to meet in person for the transaction. He then gives the buyer’s money to the seller and asks the buyer to bring cash. Source