BitOasis, a virtual assets broker-dealer in the Middle East and North Africa (MENA), has obtained a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). The announcement follows its acquisition by CoinDCX, marking the company's entry into the MENA virtual asset market.
The company stated that it has met all necessary regulatory conditions and will begin operations under the new license immediately.
BitOasis Receives Full VARA License
The full VASP license is the final stage in VARA’s licensing process for BitOasis’ current operations. The license formalizes the platform’scompliance with Dubai’s virtual asset regulations.
BitOasis received a provisional operating permit from VARA in 2022, shortly after the regulator was established.
Ola Doudin, Co-Founder and CEO of BitOasis, said: “Securing the full VASP License is not only a testament to our team’s dedication to regulatory compliance but also reinforces our resolve to lead the industry with integrity and accountability. We are grateful to VARA for their guidance and support throughout this process.”
???? We're proud to announce that BitOasis received a full VASP License from Dubai’s Virtual Assets Regulatory Authority (VARA)!✅ Trusted and secure.✅ Licensed and regulated in Dubai & Bahrain.✅ Pioneering the MENA crypto space.Learn more: https://t.co/MPeudfZZJa pic.twitter.com/PCv50d1rwc
— BitOasis (@bitoasis) December 9, 2024
According to the firm, the new license will allow BitOasis to improve its services for retail, institutional, and qualified investors. The company also plans to pursue additional regulatory approvals to expand its range of products.
CoinDCX Acquires BitOasis
Meanwhile, CoinDCX has acquired BitOasis, as reported by Finance Magnates. The acquisition strengthens CoinDCX's presence, as BitOasis is known for its significant trading volumes in Emirati dirhams.
Recently, BitOasis obtained a Minimum Viable Product Operational License from the Virtual Assets Regulatory Authority in Bahrain, allowing it to operate as a broker-dealer under strict regulatory oversight. CoinDCX’s Co-Founder, Sumit Gupta, confirmed that BitOasis will remain independent, operating under its current licenses.
This article was written by Tareq Sikder at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments