BitOasis, a cryptocurrency exchange in Dubai, has secured a new regulatory license to operate in the region. The firm, through an official blog post released on Monday, revealed that it has received a full virtual asset service provider (VASP) permit from the Virtual Assets Regulatory Authority (VARA).Â
More so, BitOasis secured the license after India-based cryptocurrency exchange CoinDCX acquired it. Recall that in July, CoinDCX announced that it had acquired the exchange as part of its effort to expand into the Middle East and North Africa (MENA) region.
The takeover underlines the recent effort of CoinDCX to gain more recognition in the international cryptocurrency sector. In 2023, the exchange raised $135 million to support the advancement of web3 in India.
Before the acquisition, VARA suspended the operating license of BitOasis, citing that the firm failed to meet some key requirements. As revealed, the regulator set a timeframe of 30-60 days for the exchange, which it could not comply with.
More so, the new approval will support BitOasis in offering a full range of digital asset services, including buying, selling, and trading. With the new license, BitOasis will enhance its existing service to suit retail and institutional investors.
It is worth mentioning that the Ras Al Khaimah Digital Assets Oasis (RAK DAO) in the UAE approved Okto, the self-custodial wallet of CoinDCX, to operate in the country. Thanks to this approval, Okto became the first web3 wallet to gain approval to operate legally in UAE’s dedicated free zone for digital assets.
Side Note on BitOasis
In the announcement, the latest development will lay the foundation for compliance between the cryptocurrency exchange and market regulators in the United Arab Emirates. Meanwhile, in 2022, BitOasis is one of the first cryptocurrency exchanges to gain a provisional regulatory license from the VARA, not long after the regulatory body and new regulations were introduced.
Furthermore, the cryptocurrency exchange disclosed its readiness to work with VARA and other prominent regulators to secure more permits and expand its product offerings. Previously, BitOasis secured regulatory approval in Dubai and Bahrain aiding the exchange to offer asset broker-dealer services to customers.
Since its establishment in 2015, the cryptocurrency exchange allows users to trade, buy, and sell more than 60 cryptocurrencies. Currently, BitOasis has expanded its market presence to countries like UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, Jordan, Egypt, Lebanon, Morocco, Algeria, Iraq, Libya, and Tunisia.
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