CoinDCX-backed BitOasis has attained full licensing in the United Arab Emirates.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
BitOasis, a leading crypto trading platform based in Dubai, has achieved a significant regulatory milestone. The exchange has recently secured a full Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This key development, announced earlier today, marks the completion of the company’s licensing process.
This milestone follows the platform’s acquisition by CoinDCX, an Indian crypto exchange. This secured license would strengthen BitOasis’s position in the Middle East and North Africa (MENA) region’s fast-growing cryptocurrency market.
BitOasis’s new license permits it to offer retail and institutional investors a full range of crypto trading services. These services include buying, selling, and trading more advanced features across the MENA region.
However, the full VASP license does not introduce new products for BitOasis. It allows the platform to improve its existing products and services. This full license comes after the exchange initially secured a provisional operating permit from VARA in 2022. This was shortly after the regulatory body was formed.
Notably, the license was temporarily suspended in 2023 because BitOasis failed to meet certain regulatory conditions within set deadlines. Now, this VASP license proves that the exchange has fulfilled all requirements.
Over the years, the UAE has become a key hub for crypto exchanges, thanks to its crypto-friendly environment and less strict regulations. Major exchanges like OKX and GC Exchange FZE (GCEX) have received VASP licenses in Dubai, making the market competitive.
However, BitOasis has been a leading player in the MENA region for a long time. The exchange has successfully navigated regulations in Dubai, Bahrain, and other parts of the region. One of its key strengths is its focus on local currency trading. The exchange allows transactions in UAE dirhams and Saudi riyals while offering over 60 cryptocurrencies to users in these regions.
As BitOasis transitions to operating under its new license, it strengthens its ongoing relationship with VARA and other regulatory agencies in Dubai. The platform is now well-positioned to build on this achievement by pursuing additional licenses and approvals. This is to ensure its continued growth and expansion in the region.
The acquisition of BitOasis by CoinDCX in 2023 is poised to bring more visible advantages.
CoinDCX’s resources and expertise in the Indian and global crypto markets could help BitOasis improve its services and innovate quickly. This backing is set to give BitOasis the tools to expand and stay competitive.
This backing allows BitOasis to expand its product offerings, improve its technology, and offer better liquidity to users. Also, CoinDCX’s self-custodial wallet is poised to play a crucial role in expanding BitOasis’s scope of services available to MENA users.
BitOasis will better understand the local market and consumer needs due to its experience, regulatory compliance, and CoinDCX’s support. This gives it an edge over new entrants like Deribit.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
