As an analyst with over two decades of experience in the financial sector and a keen interest in the burgeoning world of cryptocurrencies, I find the recent developments surrounding BitOasis particularly intriguing. The Dubai-based platform’s acquisition by CoinDCX, followed by its successful procurement of a full virtual asset service provider (VASP) License from Dubai’s Virtual Assets Regulatory Authority (VARA), marks a significant milestone for the MENA region’s crypto ecosystem.
In their home region, the Dubai-based digital currency trading platform, BitOasis, has obtained a fresh license following its acquisition by the Indian crypto exchange, CoinDCX.
According to an announcement made on December 9th, BitOasis has been granted a complete Virtual Asset Service Provider (VASP) license by the Virtual Assets Regulatory Authority (VARA) of Dubai.
Obtaining the VASP license signifies the culmination of BitOasis’ VARA licensing journey. This license allows them to offer various cryptocurrency trading services such as purchasing, selling, and exchange.
The company intends to smoothly start running under the newly acquired VASP license, effective immediately, after coordinating with Dubai officials and ensuring all necessary regulations are met.
BitOasis first received provisional approval in 2022
In simple terms, BitOasis’ recent regulatory achievement in Dubai is a testament to their strong partnership with financial authorities across the United Arab Emirates, deepening the trust and compliance within the region.
The cryptocurrency trading firm became one of the initial platforms to acquire a preliminary operational license from Dubai’s VARA following the formation of the regulatory body and the establishment of new cryptocurrency regulations in 2022.
Under the newly acquired license, BitOasis can now improve the existing range of services offered to both individual and institutional investors, including those who qualify as such. Furthermore, this license sets the foundation for future endeavors aimed at securing additional authorizations from VARA and other regulatory bodies, with the ultimate goal of broadening its service offerings.
Obtaining the complete VASP License demonstrates not only our team’s commitment to adhering to regulations, but also strengthens our ambition to spearhead the industry with honesty and responsibility,” according to BitOasis co-founder and CEO Ola Doudin.
2023 saw a temporary halt in BitOasis’ licensure by VARA, as they failed to comply with the specified terms and deadlines established by the regulatory body.
India’s CoinDCX acquired BitOasis in July 2024
Established in 2015, BitOasis stands as a trailblazer within the digital currency sector of the Middle East and North Africa (MENA) region, primarily dedicated to catering to the needs of cryptocurrency investors in this specific geographical area.
In July of this year, I was part of the team that made a strategic acquisition of BitOasis, a significant digital asset exchange based in the MENA region. This move marked our first foray into this market. Additionally, in August 2024, our self-custodial wallet, Okto, secured a license from the Ras Al Khaimah Digital Assets Oasis in the UAE.
As per their site, BitOasis enables users to purchase, sell, and exchange over 60 different cryptocurrencies with UAE dirhams and Saudi riyals as payment methods.
BitOasis caters to clients hailing from countries such as the United Arab Emirates, Saudi Arabia, Bahrain, Kuwait, Qatar, Jordan, Egypt, Lebanon, Tunisia, Algeria, Morocco, Iraq, and Libya.
cryptoMoon attempted to contact BitOasis for their thoughts on the newly acquired VARA license, but no reply was received before the article went live.
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2024-12-09 12:01