VARA Abu Dhabi Startup News

As the cryptocurrency and blockchain industry continues to grow, the UAE is positioning itself as a global leader in the virtual assets market. The country has taken several steps to regulate and support the industry, creating a favorable environment for businesses and investors alike. The startup Virtual Assets put together a comprehensive guide to the UAE’s virtual assets market, covering everything from regulations and licensing. The guide provides valuable insights for startups, investors, and businesses looking to enter the virtual assets space in the UAE.

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.

Abu Dhabi Global Market (ADGM) has launched a cryptocurrency hub to support the development of virtual assets, blockchain technology, and crypto assets in the region. The centre will enable businesses to navigate the regulatory environment both within the UAE and globally, access market opportunities, and network with industry peers. “Given the rapid emergence of new virtual assets such as cryptocurrencies and other related assets, ADGM is leading the way to introduce progressive frameworks and regulations around these technologies and developments,” ADGM said in a statement on Wednesday.

The leading cryptocurrency exchanges move to the UAE The UAE is set to be the world leader in virtual assets with more startups being formed and moving to the country than ever. Abu Dhabi has multiple blockchain and FinTech startups, as does Dubai, which nabbed the biggest cryptocurrency exchange Binance in September of this year. Binance was granted a provisional license in March to operate in Dubai and approval to join the minimal viable product (MVP) program from Dubai’s Virtual Asset Regulatory Authority (VARA) in September.