In a significant regulatory milestone for the cryptocurrency industry, BitOasis, a leading digital asset exchange based in Dubai, has secured a full Virtual Asset Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA). This achievement marks the culmination of a thorough licensing process that began in 2022 and comes on the heels of BitOasis’ acquisition by Indian cryptocurrency exchange CoinDCX.
Acquisition by CoinDCX
In July 2024, CoinDCX acquired BitOasis, marking its entry into the Middle East and North Africa (MENA) region. This strategic move enabled CoinDCX to expand its reach beyond India and position itself as a major player in the global cryptocurrency market.
Regulatory Milestones for BitOasis
BitOasis has made significant strides in securing regulatory approvals from key authorities in the UAE. In 2022, the platform was among the first to secure a provisional operating permit from VARA, shortly after the regulator’s establishment and the introduction of new cryptocurrency laws.
VARA License Enables Enhanced Services
The full VASP license granted to BitOasis enables the company to offer a comprehensive range of digital asset trading services, including buying, selling, and trading. This enhanced capability is expected to strengthen the platform’s market presence and cater to the growing demands of institutional and retail investors.
Cooperation with Dubai Authorities
In preparation for transitioning to operating under the new license, BitOasis has ensured seamless cooperation with VARA authorities. This collaborative approach underscores the company’s commitment to complying with regulatory requirements and maintaining a strong relationship with market regulators in the UAE.
BitOasis’ History of Regulatory Compliance
BitOasis has a proven track record of navigating complex regulatory environments. The platform was granted provisional approval by VARA in 2022, marking its first major regulatory milestone. Subsequently, BitOasis expanded its services to Bahrain and other countries in the MENA region.
CoinDCX’s Expansion into MENA
CoinDCX’s acquisition of BitOasis has enabled it to tap into a vast market with significant growth potential. As CoinDCX continues to expand its global footprint, the VASP license granted to BitOasis is poised to play a critical role in facilitating this expansion.
BitOasis’ Product Offerings and Supported Countries
As of now, BitOasis allows users to buy, sell, and trade over 60 cryptocurrencies using the UAE dirham (AED) and Saudi riyal (SAR). The platform serves clients across several countries, including:
- United Arab Emirates: With its headquarters in Dubai, BitOasis has established itself as a leading digital asset exchange in the region.
- Saudi Arabia: As one of the largest economies in the MENA region, Saudi Arabia offers significant opportunities for growth and expansion.
- Bahrain: With its strategic location and business-friendly environment, Bahrain is an attractive hub for fintech companies like BitOasis.
- Kuwait, Qatar, Jordan, Egypt, Lebanon, Tunisia, Algeria, Morocco, and Libya.
Conclusion
BitOasis’ latest regulatory milestone in Dubai represents a significant achievement for the company and the broader cryptocurrency industry. As the digital asset ecosystem continues to evolve, regulatory clarity and compliance will play an increasingly important role in shaping its future. With its enhanced VASP license and strategic partnership with CoinDCX, BitOasis is well-positioned to capitalize on emerging opportunities and contribute to the growth of the MENA region’s fintech landscape.
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