UAE-Based Crypto Exchange BitOasis Receives First Broker-Dealer Licence From Dubai Regulator
BitOasis can now provide broker-dealer services to qualified retail and institutional investors from its Dubai headquarters under VARA's regulatory regime.
BitOasis, a crypto exchange focused on the Middle East region and based in the United Arab Emirates (UAE), announced on Monday that it has received the first broker-dealer minimum viable product operational licence from Dubai's Virtual Asset Regulatory Authority (VARA). This achievement makes BitOasis the first broker-dealer to complete the MVP stage, according to VARA's website.
Dubai's VARA was established in March 2022 to regulate the emerging virtual asset sector in the emirate as the UAE aims to become a global hub for the industry. VARA licenses firms in a series of stages, and BitOasis received provisional approval to begin the licensing process in March 2022.
BitOasis can now provide broker-dealer services to qualified retail and institutional investors from its Dubai headquarters under VARA's regulatory regime. VARA CEO Henson Orser stated that "the VARA ecosystem aims to strike a balance between value creation, risk mitigation and enhanced investment opportunities with consumer protection at its core."
BitOasis enables the buying and selling of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, in the Middle East region. According to its website, BitOasis serves over 300,000 users and has processed over $3 billion in transactions since its launch in 2015. BitOasis also offers a wallet service for storing cryptocurrencies securely.
This milestone achievement for BitOasis highlights the UAE's commitment to regulating the crypto industry and becoming a leader in the sector. As more countries around the world begin to establish regulations for the virtual asset sector, exchanges like BitOasis are likely to become increasingly important in facilitating the buying and selling of cryptocurrencies in a safe and secure manner.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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