The company met all regulatory requirements and will transition to operating under this licence immediately.
Obtaining the complete VASP licence indicates the final stage in Dubai’s Virtual Assets Regulatory Authority’s (VARA) licensing process for the platform's ongoing activities, marking a significant milestone in BitOasis’ development journey. This achievement allows the company to collaborate with VARA, one of the world’s first specialised regulators for virtual assets.
Initially, BitOasis was one of the first platforms to receive a provisional operating permit from VARA soon after the regulator was established in 2022.
Having a new licence will allow BitOasis to upgrade its existing offerings for retail, institutional, and qualified investors, while also pursuing additional approvals from VARA and other regulators to broaden its product range.
Looking forward, BitOasis is committed to supporting the virtual asset transformation in the region, serving as one of Dubai's few homegrown Virtual Asset Service Providers. By collaborating closely with regulators, public sector entities, and its community, BitOasis aims to build trust in virtual assets and the digital economy, ensuring it remains a reliable partner for individuals and businesses navigating the fast-growing and ever-changing landscape of virtual assets.
In July 2024, India-based cryptocurrency exchange CoinDCX acquired the UAE-based virtual asset trading platform BitOasis, following a previous investment in the company.
With BitOasis's recently acquired licence in the Kingdom of Bahrain and the revival of its platform in Dubai, this acquisition intended to solidify and expand the company’s footprint in MENA’s virtual assets ecosystem, operating under multiple market regulations.
Established in 2016, BitOasis delivers its services to retail, institutional, and high-net-worth individuals throughout the GCC and the wider MENA region, allowing them to buy, sell, and hold over 60 tokens with fiat currencies including AED, SAR, and USD. Since its launch, the company has facilitated over USD 6 billion in trading volume and secured more than USD 40 million in funding from both regional and global investors.
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