Curbing crypto deception: evaluating risks, mitigating practices, and regulatory measures for preventing fraudulent transactions in the middle east

The expansion of the cryptocurrency sector in the Middle East has corresponded with a significant increase in deceptive activities, including Ponzi schemes, phishing assaults, hacking, and ICO scams. The article aims to analyse the perils of bitcoin fraud in the Middle East and underscores the need for a holistic approach that encompasses educational initiatives, technological safeguards, and stringent regulatory frameworks to mitigate these risks. Moreover, the study employs case studies and knowledge acquired from other nations to propose enhancements to regulatory effectiveness in the Middle East. The findings suggest that existing approaches have some efficacy in addressing the risks linked to bitcoin fraud. To combat cryptocurrency fraud and foster a secure and prosperous environment conducive to the advancement of new technologies and the integration of more individuals into the financial system, the Middle East must adopt a comprehensive strategy that integrates strengthened regulatory measures, cutting-edge technological solutions, and extensive educational campaigns.