- BitOasis receives a full Virtual Asset Service Provider license from Dubai’s VARA, expanding its crypto services.
- CoinDCX acquired BitOasis in July 2024, strengthening its presence in the MENA crypto market.
- BitOasis plans further regulatory approvals for expanded offerings and growth.
BitOasis, a pioneering crypto trading platform in the Middle East and North Africa (MENA), has earned its full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This announcement, made on December 9, marks a major step forward for the company following its acquisition by Indian crypto exchange CoinDCX.
With this approval, the platform is now fully authorized to offer a comprehensive range of cryptocurrency services, including buying, selling, and trading. The company plans to begin operating under the license immediately, highlighting its commitment to compliance and collaboration with Dubai authorities.
This achievement builds on BitOasis’ history of working closely with regulators in the UAE. The platform was one of the first to secure a provisional operating permit from VARA when it was established alongside new crypto regulations in 2022.
BitOasis Expands Services with License
The newly awarded license will enable BitOasis to enhance its services for retail, institutional, and qualified investors. It also sets the stage for future expansions, with the company aiming to secure more approvals from VARA and other regulatory bodies.
However, the license has not yet permitted the company to engage in new activities. Instead, it allows the firm to improve its existing offerings, positioning it for broader regulatory recognition in the coming year.
This regulatory milestone follows a rocky period in 2023 when VARA briefly suspended its license for failing to meet specific conditions within the required timeframe. Despite this setback, the platform has continued to strengthen its foothold in the region, leveraging past regulatory approvals in Dubai and Bahrain to offer virtual asset broker-dealer services.
CoinDCX’s Growing Influence
CoinDCX, one of India’s leading crypto exchanges, acquired BitOasis in July 2024, marking its foray into the MENA market. This move was part of a broader expansion strategy, with the Indian firm’s self-custodial wallet Okto also receiving a license from the Ras Al Khaimah Digital Assets Oasis in August.
Currently, BitOasis supports trading in over 60 cryptocurrencies using local currencies like the UAE dirham and Saudi riyal. Its commitment to regulatory compliance and innovation has positioned the platform as a trusted player in a region rapidly embracing digital assets.
The full license from VARA signals not only a new era for BitOasis but also highlights Dubai’s growing role as a global hub for cryptocurrency innovation. With CoinDCX’s backing, BitOasis appears well-equipped to lead the charge in the MENA crypto market.
Related Readings | Crypto Games Could Soon Have a User Base of 1 Million
