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.
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