At the World Police Summit, Dubai police announced that they will be using blockchain technology to control crime, specifically cryptocurrency-related crime. Cryptocurrency has been a source of money laundering in many countries in recent years.
With the rise in the use of digital assets, the Dubai government had announced a virtual asset law on March 9. Additionally, His Highness Sheikh Mohammed said during the same day:
Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. [This] step establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors.
In addition, the new virtual asset law will be overlooking all forms of transactions related to digital assets. It will also be monitoring all types of cryptocurrency transactions, NFTs, or other virtual assets. Moreover, Brig. Dr. Saleh shared in his address at the World Police Summit that Dubai police have already been using the best technology to monitor day-to-day situations and monitor suspicious activities, but now they have integrated artificial intelligence (AI) into their system.
Furthermore, he added that use of blockchain technology and AI together will be a great breakthrough to control criminal threats both internally and externally. This will be useful to counter threats from marine, air, and land space.
Besides, the Virtual Asset Regulatory Authority (Vara) will be operating as an independent regulatory authority. The cybercrime department will be working closely to scrutinize malicious activities that may involve trading of digital currency, selling of NFTs, or any kind of virtual assets.
Lastly, Since the rise of WEB 3.0, technological advancements are taking the world by storm. Technological or digital involvement in everyday life will be unavoidable and inevitable. These laws are therefore considered to be a great addition to the law enforcement sector.