Cryptocurrency Exchange BitOasis Applies for A New Dubai Virtual Assets License

Last Updated on 5 months by Editor

BitOasis is the leading Virtual Asset Service Provider (VASP) by traded volume, which was established in the United Arab Emirates in 2015. BitOasis has applied for licensing from the Dubai Virtual Assets Regulatory Authority, which is currently under review. It has been given provisional authority to expand its operations in the region since it proceeds through a rigorous procedure of acquiring a license in compliance with VARA’s standards. In collaboration with VARA, it will produce best practices for the ecosystem based on its framework operating in the UAE.

BitOasis has done bitcoin deals worth more than $4 billion. It also claims to provide its users with the most tailored solution for their specific needs. It complies with standards that will better safeguard them now and in the future. With the regional economy becoming more competitive, the UAE has been focusing on developing its digital assets market and regulating it to reach the wider business community.

VARA Serves as The Sole Custodial Entity 

VARA is the exclusive license custodian in Dubai. It regulates Dubai’s expanding cryptocurrency industry, which includes all mainland and free zones. The Dubai International Financial Centre’s autonomous Financial Free Zone, on the other hand, is not included in its activities. Several Middle Eastern countries have passed legislation governing virtual assets, but Dubai is the first to regulate it. It will create secure opportunities for investment and business operations while also integrating innovative technologies as demand grows. FTX Europe and Binance secured licenses to operate virtual assets in Dubai immediately following the announcement. Bybit also announced its intentions of establishing headquarters and conducting the business of its digital assets in Dubai. Dubai Virtual Assets Regulatory Authority emphasized that the newly passed laws are intended to help UAE-based businesses.

The Provisional Approval of BitOasis

The UAE authorities have granted temporary regulatory authorization to BitOasis for the continuation of its existing business in the region. By sharing its experiences, BitOasis will assist VARA in the development of the upcoming VASP regulatory framework to combat the financing of terrorism, anti-money laundering, and countering financial crime practices. BitOasis runs a cryptocurrency-related platform that caters to English and Arabic-speaking consumers in the Gulf Cooperation Council and the entire MENA area. BitOasis was in charge of providing valuable information on anti-money laundering problems to the central bank’s financial intelligence department as part of its registration with the central bank before being licensed under the Virtual Assets Regulatory Authority.

The BitOasis Platform Provides Two Services

BitOasis mainly deals in two services. Its Core platform allows users to trade more than twenty crypto assets without charging any processing fees. On the other hand, its second service is a high-end Pro service, which costs extra and enables traders to exchange over forty cryptocurrencies in fiat pairings instantaneously. Its Pro service also provides users with advanced trading charts, indicators, and order types that can be monitored easily. 

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