BitOasis, a cryptocurrency exchange in Dubai, has received a full Virtual Asset Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA), marking a significant regulatory milestone. This accomplishment completes the firm’s licensing procedure, allowing it to offer a broader range of crypto trading services, such as purchasing, selling, and trading over 60 cryptocurrencies with UAE dirham and Saudi riyal trading pairs.
Indian cryptocurrency exchange CoinDCX acquired BitOasis earlier this year, leading to this feat. The company has announced plans to begin operating under its new license immediately, indicating its commitment to complying with Dubai’s changing cryptocurrency legislation.
BitOasis was one of the first cryptocurrency platforms to get a provisional license from VARA in 2022, laying the groundwork for future cooperation with UAE regulators. Despite a temporary license suspension in 2023 owing to unfulfilled regulatory requirements, the platform remained committed to improving its offerings and increasing operations.
With the new license, BitOasis hopes to expand its solutions to retail and institutional investors in the Middle East and North Africa (MENA) area. Since its inception in 2016, the company has processed more than $6.6 billion in trade volume, cementing its place as a major participant in the regional cryptocurrency industry.
The complete VASP license also enables BitOasis to pursue additional regulatory licenses, expanding its product line and strengthening its position as a leader in Dubai’s booming crypto industry.
