BitOasis Achieves Full VASP License from Dubai Regulatory Authority
BitOasis, a prominent crypto trading platform in Dubai, has secured a full Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This development completes the company's licensing process and enhances its presence in the Middle East and North Africa (MENA) cryptocurrency market.
BitOasis’ Regulatory License: A Strategic Step Forward
The new VASP license allows BitOasis to offer a comprehensive range of crypto trading services to retail and institutional investors, including buying, selling, and advanced trading features across the MENA region. The license enhances existing products rather than introducing new ones. It follows an initial provisional operating permit obtained in 2022, which was temporarily suspended in 2023 due to unmet regulatory conditions. The current license confirms that all requirements have now been fulfilled.
The UAE has emerged as a key hub for crypto exchanges due to its favorable regulatory environment. Other exchanges like OKX and GC Exchange FZE (GCEX) have also received VASP licenses in Dubai, increasing market competition. However, BitOasis has maintained a leading position in the MENA region by effectively navigating regulations in Dubai and Bahrain, focusing on local currency trading with transactions available in UAE dirhams and Saudi riyals while supporting over 60 cryptocurrencies.
With the new license, BitOasis aims to strengthen its relationship with VARA and other regulatory bodies, positioning itself for further growth and expansion in the region.
CoinDCX’s Role in BitOasis’ Growth
The acquisition of BitOasis by CoinDCX in 2023 is expected to provide significant advantages. CoinDCX's resources and expertise in the Indian and global crypto markets will enable BitOasis to enhance its services and innovate rapidly. This support facilitates the expansion of product offerings, improvement of technology, and better liquidity for users. Additionally, CoinDCX’s self-custodial wallet will be instrumental in broadening the range of services available to MENA users.
BitOasis will leverage its experience and compliance along with CoinDCX’s backing to gain insights into local market dynamics and consumer needs, giving it a competitive edge against new entrants like Deribit.