UAE joins global effort to combat crypto crime

The United Arab Emirates (UAE) has intensified its efforts to combat global crypto crime after it was present at the International Cryptocurrency Security Action Week workshop held in Singapore. The event was organized by the Secure Communities Forum in collaboration with Mastercard.

The summit, which took place in Singapore, brought together senior representatives from global law enforcement, technology leaders, and experts in the private sector to strengthen digital security. They also discussed the need to address the growing rate of crimes in the crypto industry.

Some of the participants at the event included the United Nations Office on Drugs and Crime (UNODC), the United States Internal Revenue Service, the Royal Malaysian Police, the Data Security Council of India, INTERPOL, Rabdan Academy, and leading technology and data analytics companies worldwide.

UAE set to up efforts against crypto crime

During the event, the summit focused on specific areas, with extensive discussions and practical training sessions also carried out. On the subject of investigating cryptocurrency crimes, they discussed the use of several advanced technological methods to track fraud and on-chain data to follow the trail. They also discussed how to use these technologies to combat the rising menace of money laundering being carried out using digital assets.

In addition, the summit participants also discussed the rise in dark web activities. They talked about how to monitor those activities and ensure that the criminals operating the websites and those carrying out illegal activities on the platforms are brought to book. They also discussed cooperation between public and private entities across specific countries. For example, they discussed the need for law enforcement agencies to connect with crypto exchanges for investigation.

During the summit, participants were also taught about the need to involve on-chain analytics firms and how these firms can speed up investigations into criminal activities, making sure criminals are caught without wasting too many resources.

Summit participants discuss the need for appropriate regulations

Outside these elements, the participants also discussed regulatory developments and the need to deploy the right regulations. This would help promote the sector and not stifle innovation. Most of these countries are looking to be pro-crypto, following the example of the United States through its President Donald Trump, who has been close to the crypto industry since he assumed office for his second term earlier this year. Trump also signed a crypto treasury into place, something that most countries are now following.

This development is coming off the back of a verdict by a Dubai court to jail an African man for 10 years after paying a fine of about $27,000 for purchasing narcotics with digital assets on the dark web. The Dubai Court of Appeal upheld the ruling handed down by the Court of First Instance, including the seizure of the drugs and paraphernalia.

Police claimed that the man bought different narcotics from the unidentified dealer using digital assets before being caught in possession of about 80 grams of marijuana and other banned substances.

Police reported that they received an actionable tip that the man had been using and storing drugs in the Al Khawaneej area of Dubai since December. After securing a warrant from prosecutors, the police surveillance team tracked and arrested him.

Officers present at his hearing claimed he was under the influence of narcotics at the time of his arrest, though he did not smell of alcohol. The precautionary search uncovered several drugs that were sent to the lab for forensic testing.

Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites