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Thursday, July 25, 2024

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Dubai regulator grants first crypto trading license to BitOasis

Congratulations to the team at crypto-trading specialist BitOasis who have just announced on their website that they’ve received the first Crypto trading license from Dubai. Here are the key details from their press release:

BitOasis, MENA’s leading regional cryptocurrency trading platform has secured an MVP Operational License from Dubai’s Virtual Asset Regulatory Authority, completing the final step in the MVP process, and allowing the company to provide VA broker-dealer services to qualified retail and institutional investors from its Dubai HQ under VARA’s regulatory regime.


The MVP Operational License follows the Provisional Approval issued by VARA to BitOasis in March 2022, within a month from VARA’s formation, under which the company has been permitted to continue to operate its platform from Dubai whilst completing VARA’s rigorous licensing process. BitOasis is the first virtual asset broker-dealer and trading platform to have received an MVP Operational License under VARA’s regulatory framework.


The achievement of this milestone comes as a result of BitOasis’ longstanding commitment to proactive collaboration with regulators and sector stakeholders in the UAE and beyond. In 2021, BitOasis became the first crypto platform in the UAE to be registered with the country’s Financial Intelligence Unit (Go-AML platform), following an extensive risk assessment completed with the UAE’s Executive Office of Anti-Money Laundering and Combatting the Financing of Terrorism.


Founded in Dubai in 2016, BitOasis enables users across the GCC and MENA to buy and sell over 60 tokens with fiat currencies such as AED, SAR, TL, and USD. In 2021 BitOasis became the only VA platform to offer customers the ability to deposit funds to bank accounts in the UAE on a fee-free and near real-time basis. 


Moving forward, BitOasis intends to leverage its new license to launch strategic partnerships in Dubai and across the UAE, to provide qualified investors the opportunity to buy, sell and hold virtual assets on the platform, and launch new virtual asset products with a continued focus on driving accessibility, consumer protection and utility across the virtual asset ecosystem. 

We’re really pleased to see the Dubai regulator VARA demonstrating an agility that we don’t normally see from many others around the world. Good luck to BitOasis and their ‘minimum viable product operational license’. We’re looking forward to seeing how things progress in the UAE with BitOasis and their customer adoption.

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