Originally published on: December 09, 2024
In a significant development, BitOasis, a cryptocurrency trading platform based in Dubai, has successfully obtained a full virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This achievement comes after the platform was acquired by the Indian crypto exchange CoinDCX, signifying a new chapter in its regulatory compliance journey.
The acquisition of the full license marks a crucial milestone for BitOasis, allowing the platform to offer a comprehensive range of crypto trading services, including buying, selling, and trading digital assets. With immediate effect, BitOasis plans to operate under the new license, demonstrating its commitment to collaboration and compliance with Dubai authorities.
BitOasis’ latest regulatory feat in Dubai underscores its ongoing cooperation with market regulators in the United Arab Emirates. As one of the pioneering platforms to secure a provisional operating permit from Dubai’s VARA, BitOasis has been at the forefront of adhering to new crypto laws established in 2022.
With the full license now in place, BitOasis is poised to enhance its current services for retail, institutional, and qualified investors. Furthermore, this milestone sets the stage for the platform to pursue additional approvals from VARA and other regulatory bodies, paving the way for further expansion of its product portfolio.
A spokesperson for BitOasis commented on the significance of the license, stating that while it does not permit the platform to engage in new activities, it provides an opportunity to enhance existing products and features. Moreover, it positions BitOasis favorably for securing additional licenses and approvals from VARA in the upcoming year.
BitOasis’ previous regulatory approvals in Dubai and Bahrain have enabled the platform to offer virtual asset broker-dealer services to its users, solidifying its position as a trusted player in the region’s cryptocurrency ecosystem.
Since its establishment in 2015, BitOasis has been dedicated to serving crypto investors in the Middle East and North Africa (MENA) region. The recent acquisition of BitOasis by CoinDCX, a prominent crypto exchange in India, marks a significant milestone for both platforms, expanding CoinDCX’s presence into the MENA market.
As BitOasis continues to evolve and navigate the regulatory landscape in Dubai, users can access a wide range of services, including buying, selling, and trading over 60 cryptocurrencies using the UAE dirham and Saudi riyal. The platform caters to clients in various countries within the MENA region, offering a seamless and secure crypto trading experience.
For the latest updates on BitOasis’ regulatory developments and industry insights, stay tuned for more compelling articles and analysis.
Don’t miss out on critical insights to spot investment opportunities, mitigate risks, and refine your trading strategies. Subscribe to the Markets Outlook newsletter today to stay informed about the latest trends in the crypto market. By subscribing, you agree to our Terms of Services and Privacy Policy.
