Dubai-based crypto exchange BitOasis reached a significant regulatory milestone by obtaining a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). The exchange revealed this in an announcement on December 9.
The license enables the crypto exchange to offer a comprehensive range of crypto services, including buying, selling, and trading digital assets. Notably, it marks the completion of BitOasis’ long approval journey with VARA.
BitOasis began this licensing process in 2022 and was one of the first platforms to secure a provisional operating permit from VARA shortly after the regulator’s establishment under Dubai’s new crypto laws. However, it hit a bump on the road when the regulator temporarily suspended its conditional MVP license in July 2023 due to unmet compliance conditions. This license had allowed BitOasis to provide broker-dealer services to qualified investors but required compliance with specific regulatory conditions within 30 to 60 days.
Since then, the exchange has worked diligently to regain VARA’s trust, ultimately securing the full VASP license.
“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,”
Ola Doudin, the exchange’s co-founder and CEO, stated in the announcement.
With the license secured, BitOasis is positioned to expand its services for retail, institutional, and qualified investors. The exchange announced plans to introduce new products and strengthen its presence in Dubai’s fast-growing crypto market.
The announcement follows BitOasis’ acquisition by Indian crypto exchange CoinDCX for an undisclosed amount. The acquisition is expected to position both exchanges for growth in the Middle East and North Africa (MENA) region. Notably, CoinDCX is one of India’s largest crypto exchanges, with over 15 million users and $840 million in quarterly trading volume, and this is its first major expansion following its launch in 2018.
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