19 May 2023
Dubai’s Virtual Asset Regulatory Authority (VARA) recently awarded BitOasis, the region’s leading cryptocurrency trading platform, with an unprecedented MVP Operational Licence. This monumental approval enables BitOasis to offer broker-dealer services from its Dubai base, while fulfilling all the regulatory obligations of VARA’s regime. In doing so, BitOasis becomes the first crypto trading platform to achieve this distinct milestone within the VARA framework.
Founded in 2015, BitOasis has been a trailblazer in the crypto space, empowering users in the GCC and MENA regions with the ability to transact in over 60 tokens using fiat currencies such as AED, SAR, TL, and USD. This latest accreditation builds upon BitOasis’s rich legacy of firsts. It became the first UAE-based crypto platform to register with the country’s Financial Intelligence Unit in 2021, aligning itself with rigorous anti-money laundering regulations and strengthening its commitment towards regulatory compliance.
The MVP Operational Licence comes on the heels of BitOasis’s provisional approval, granted by VARA in March 2022. The provisional approval allowed the firm to continue operations in Dubai, while navigating the demanding licensing process.
The achievement bears testament to BitOasis’s robust partnership with regulators and sector stakeholders within the UAE and beyond. Such collaborations have enabled BitOasis to set high standards for compliance in a market that is often associated with concerns about security and regulatory ambiguity.
The acquisition of the MVP licence not only bolsters BitOasis’s credentials but is also likely to have a positive ripple effect on the wider UAE start-up ecosystem. This regulatory approval sends out a clear signal of the UAE’s commitment to supporting innovation and growth in the virtual asset space while maintaining robust regulatory oversight.
BitOasis intends to utilise its newly-minted licence to foster strategic partnerships within Dubai and across the UAE. The goal? To provide qualified investors with opportunities to trade and hold virtual assets on its platform, in turn fuelling accessibility, consumer protection, and utility within the virtual asset environment.
Commenting on the licensing of the first-ever VASP within the MVP phase, Henson Orser, CEO of VARA, lauded BitOasis’s steadfast commitment towards regulatory compliance. The licensing process demonstrated BitOasis’s deep-rooted commitment to fostering a balanced ecosystem, promoting value creation, risk mitigation, and consumer protection.
BitOasis’s co-founder and CEO, Ola Doudin, noted the company’s pride in being the first to secure the VARA MVP Operational Licence. It symbolises not only a significant milestone for BitOasis but also a giant leap forward for the Emirate of Dubai in its digital asset regulation journey.
Adding to the conversation, Samir Satchu, Senior Vice-President of Public Policy & Expansion at BitOasis, echoed BitOasis’s mission to serve the GCC and MENA regions through a network of regulated platforms.
This milestone for BitOasis is reflective of Dubai’s growing reputation as a global hub for fintech innovation and its commitment to ushering in a new era of regulated cryptocurrency trading. It’s a telling sign that Dubai is opening its doors wider to virtual assets, thereby inviting innovation and growth into the region while maintaining a strong commitment to regulation and compliance.
In a broader context, this regulatory win is poised to open doors to more home-grown and global platforms, bringing shared knowledge and experience to lay the groundwork for a future global economy that is increasingly moving towards virtual assets. BitOasis’s accomplishment might just be the first of many more to come.
BitOasis - Blockchain Startup in Abu DhabiBitOasis - Blockchain Startup in Abu Dhabi
The MENA region’s largest online digital asset platform. Buy, sell and trade in the Middle East trading and using digital assets made easier, cheaper, and more secure BitOasis is a leading cryptocurrency trading platform in the Middle East and North Africa (MENA) region, providing a digital asset wallet and exchange to buy, sell, and trade cryptocurrencies. The company was co-founded by Ola Doudin and Daniel Robenek in 2015. BitOasis is headquartered in Dubai, United Arab Emirates, and serves the broader Gulf Cooperation Council (GCC) region.
Virtual Assets Regulatory Authority (VARA)Virtual Assets Regulatory Authority (VARA)
The Virtual Assets Regulatory Authority (VARA) stands as a pioneer in the world of virtual asset regulation, impacting areas far beyond its home base in Dubai. The groundbreaking institution’s influence notably extends to Abu Dhabi, where numerous startups are capitalizing on the benefits provided by VARA’s intricate regulatory framework and supportive environment. Established as the world’s initial independent regulatory authority for virtual assets, VARA is a beacon of trust and transparency in the emerging domain of virtual assets.
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