Dubai Virtual Assets Regulatory Authority (VARA) reveals that Dubai-based cryptocurrency exchange BitOasis has formally been granted its Virtual Asset Service Provider (VASP) license. However, the milestone comes two years after the exchange got its regulator-approved operating permit.
The news comes after BitOasis was acquired by CoinDCX, an Indian crypto exchange, representing a big moment for the firm at home. Fulfilling all required conditions led to Dubai’s new license grant, allowing BitOasis to operate under a full VASP license for the first time to confirm compliance with Dubai’s developing regulatory guidelines.
BitOasis To Expand Services With New VASP License
BitOasis said it will start running under the new VASP license and cease trading until the current license expires on June 14, 2024. To expand its offerings, the company plans to extend its coverage to provide a full variety of crypto trading services, including buying and selling, and trading over 60 cryptocurrencies by trading pairs in UAE dirhams and Saudi riyals.
The BitOasis Co-Founder and CEO called the license a great reflection of the team’s commitment to regulatory compliance and enhancing the firm’s commitment to being a leader in the crypto space.’ We secured the full VASP license to underscore our commitment to leading the industry with integrity and accountability,’ Doudin said.
It comes after VARA placed BitOasis’ Minimal Viable Product (MVP) license on hold earlier this year as it failed to comply with certain regulatory obligations. This suspension had temporarily suspended the firm’s services, but BitOasis had originally gotten the MVP license in April 2023, permitting it to serve as a broker-dealer. It was the suspension after the company did not meet certain undisclosed but within the stipulated timeframe.
This setback, however, has not stopped BitOasis from continuing to operate as one of the first to secure a provisional operating permit from VARA in 2022. Headquartered in Dubai, the company has been in business since 2016. It has processed $6.6 billion in trading volume to date, showing its development and that it is still an important part of the region’s crypto market.
That makes BitOasis the first exchange in Dubai, if not the Middle East, that’s handy with a full VASP license, enabling the company to grow even further while further enhancing its position as a major player in Dubai’s burgeoning cryptocurrency ecosystem. However, the firm is also seeking to get other global regulatory approvals from VARA and other regulatory bodies to expand its product profile in the future.
This news is republished from another source. You can check the original article here
