Dubai’s VARA has granted a full VASP licence.
By receiving a complete Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), BitOasis, a cryptocurrency trading platform based in Dubai that was purchased by the Indian cryptocurrency exchange CoinDCX, has accomplished a noteworthy milestone. The last phase of BitOasis’ licensing process was revealed on December 9 and will allow the platform to offer a wide range of cryptocurrency trading services, including purchasing, selling, and trading digital assets.
Moving Forward with Complete Operations Under the New License
BitOasis intends to start functioning under its new status right away after obtaining the whole VASP license. This comes after close collaboration with Dubai authorities to guarantee adherence to legal mandates. With the license, BitOasis is better positioned to improve its offerings and serve qualified, institutional, and retail investors.
The Licensing Journey of BitOasis Since 2022
BitOasis was among the first platforms to receive VARA’s provisional permission in 2022, just after Dubai’s cryptocurrency legislation were implemented. The firm’s continued cooperation with United Arab Emirates (UAE) regulators is demonstrated by the move from provisional approval to a full licence. In addition to supporting its current products, the new licence paves the way for obtaining additional regulatory approvals to broaden its line of products.
Highlights of the Spokesperson Opportunities in Regulation
According to a BitOasis representative, the license enables the company to improve its current features and products but does not permit the platform to provide new services. It is anticipated that this accomplishment will make it easier to obtain further VARA approvals in the upcoming year. BitOasis had previously been permitted to provide broker-dealer services to its consumers by regulatory approvals in Bahrain and Dubai.
Obstacles in the Way
BitOasis was temporarily suspended from VARA’s licence in 2023 for failing to meet deadlines. Since then, nevertheless, the business has made a concerted effort to comply with the authority’s regulations, which has resulted in the full licence being granted.
BitOasis’s Acquisition by CoinDCX
In July 2024, CoinDCX purchased BitOasis, a trailblazer in the Middle East and North Africa (MENA) cryptocurrency space since its founding in 2015. CoinDCX made a calculated foray into the MENA market with the acquisition. Furthermore, in August, CoinDCX’s self-custodial wallet, Okto, received a license from Ras Al Khaimah Digital Assets Oasis, demonstrating the company’s larger regional goals.
Reaching More People in MENA
At the moment, BitOasis allows users to purchase, sell, and trade more than 60 cryptocurrencies using Saudi riyals and UAE dirhams. As a top cryptocurrency platform in the area, it operates in the United Arab Emirates, Saudi Arabia, Bahrain, Kuwait, Qatar, Jordan, Egypt, Lebanon, Tunisia, Algeria, Morocco, Iraq, and Libya.
Gazing Ahead
BitOasis hopes to expand its current offerings and look for new growth prospects in the cryptocurrency industry with its new VARA license. As CoinDCX and BitOasis continue to increase their clout in the global cryptocurrency industry, this move represents a significant advancement.
