Infotech

In Dubai, crypto-finance circuits suspected of offering asylum to Russian oligarchs



Posted Apr 16, 2022, 8:30 AMUpdated on Apr 16, 2022 at 8:42 am

In Dubai, rumors of mega real estate investments settled in cryptocurrencies animate the dinners in town. They are almost impossible to verify, if only because of the absence of a cadastre accessible to the public. But the emirate being a notorious tax haven and not hiding its ambition to become a regional hub for cryptos, the subject has become a point of vigilance. Would the oligarchs close to Putin targeted by international sanctions find, in the circuits of crypto-finance, a roundabout way to relocate their fortunes?

“It’s in Dubai, financial criminal investigations systematically fall into an informational black hole,” notes a French lawyer in business criminal law, who cannot give her identity to protect the integrity of certain sensitive files. Based on blockchain technology, cryptos are meant to be traceable, and transactions accessible to the public – not least because they are decentralized. But in reality, a large part of the operations are opaque. Cryptos are also used as currency for illegal networks on the Darknet.

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