The UAE-based broker-dealer trading platform Bitoasis has received the Virtual Assets Service Provider (VASP) license from Dubai’s crypto regulatory authority. The crypto platform received the license from the Virtual Assets Regulatory Authority (VARA) on Dec. 09, following the Indian crypto exchange CoinDCX’s acquisition of the platform in July.
The full VASP license allows BitOasis to operate a wide range of trading services including buying, selling and trading of digital currencies. According to the announcement, the crypto company disclosed that it will transition its framework to comply with the new licensing rules with immediate effect.
Furthermore, BitOasis revealed that it satisfied the authority by fulfilling all the regulatory conditions and requirements, and it marks one of the important milestones in the journey of the trading platform.
Not only that, BitOasis was among the first crypto companies to obtain provisional operating permits when the world’s first dedicated crypto regulatory authority launched in Dubai in 2022 and introduced new crypto rules.
BitOasis to expand its reach with VASP license
While speaking on the achievement, Ola Doudin, Co-Founder and CEO of BitOasis, added,
This is a very significant moment for BitOasis and the broader virtual assets community in the region. 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…}
The full VASP license eliminates the need for legal work to get additional approvals from VARA and other watchdogs, allowing the crypto firm to remove the background team required for every day’s legal work. Similarly, it makes BitOasis expand its product portfolio and the platform’s services it offers to institutional, retail and qualified investors.
Focused on serving crypto investors in the MENA market, BitOasis launched in 2015. The platform first stepped into the MENA market following Indian crypto exchange CoinDCX acquired the platform on July 3 in an undisclosed deal.
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