Last Updated on 2 weeks by Ameer Hamza
Cryptocurrency trading significantly boosted legitimacy as BitOasis, the leading digital asset exchange in the Middle East and North Africa (MENA) region, secured a broker dealer license and business license in Dubai. BitOasis has achieved a crucial milestone in virtual asset trading, becoming Dubai’s first platform to secure a minimum viable product (MVP) license. With this business license, BitOasis can provide services to qualified retail and institutional investors from its Dubai office.
In addition, the MVP license will enable BitOasis to launch strategic partnerships across the UAE, providing investors with greater opportunities to trade virtual assets on the platform. BitOasis will continue to drive accessibility, consumer protection, and utility across the virtual asset ecosystem by launching various virtual asset products. This achievement is a significant step forward for BitOasis and Dubai.
BitOasis: $5 Billion in MENA Trading Volume and Counting
Dubai has implemented regulations governing virtual assets in line with its commitment to support the virtual asset industry’s growth while protecting investors. VARA is tasked with creating a robust legal framework that upholds international standards and facilitates responsible business practices in the sector. BitOasis, with operations in 15 countries across MENA, has been granted a broker dealer license. It is on track to become the first virtual asset trading platform to receive an FMP license. This accomplishment results from the company’s proactive collaboration with regulators and industry stakeholders, both locally and globally.
BitOasis Takes the MVP Route: Committed to Delivering User-Focused Crypto Trading
BitOasis is dedicated to adhering to all relevant laws and regulations while incorporating best practices from Dubai and the wider region. The company’s MVP license for broker-dealer services demonstrates its commitment to driving accessibility, consumer protection, and utility across the virtual asset ecosystem. This license lets qualified investors buy, sell, and hold virtual assets on the BitOasis platform. This paves the way for the company to secure an FMP license in the future. BitOasis’ dedication to obtaining the necessary permits, such as the business license in Dubai and the cryptocurrency license, is a testament to its commitment to responsible business growth and development in the region.
Balancing Value and Protection: Vara’s Approach to Dubai’s Virtual Asset Market
Vara’s MVP process consists of three stages: preparatory, provisional, and operational. The final stage grants virtual asset service providers permission to conduct activities in seven categories, balancing value creation, risk mitigation, and investment opportunities while prioritizing consumer protection. BitOasis has an MVP license for broker-dealer services, while Hex Trust, a Hong Kong-based company, holds an MVP operational license for custody, management, and investment services in Dubai. Vara aims to create an equal opportunity regime for credible virtual asset service providers, including local and global players.