Oasis

United

Dubai

Dubai-based cryptocurrency trading platform BitOasis secured a new license in its home jurisdiction after being acquired by Indian crypto exchange CoinDCX.
BitOasis received a full virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), the firm <a data-ct-non-breakable="null" href="https://blog.bitoasis.net/bitoasis-granted-full-virtual-asset-service-provider-license-by-dubais-virtual-assets-regulatory-authority/" rel="null" target="null" text="null" title="null">announced</a> on Dec. 9.
The acquisition of the full license marked the final step in BitOasis’ VARA licensing process, allowing it to offer a full range of crypto trading services, including buying, selling and trading.
The firm plans to transition to operating under the license with immediate effect, following its cooperation and compliance with Dubai authorities.
<h2 id="bitoasis-first-received-provisional-approval-in-2022">BitOasis first received provisional approval in 2022</h2>
BitOasis’ latest regulatory milestone in Dubai builds on a foundation of cooperation with market regulators in the United Arab Emirates.
The crypto trading firm was among the first platforms to <a data-ct-non-breakable="null" href="https://www.reuters.com/world/middle-east/dubais-new-crypto-regulator-brings-uae-firm-bitoasis-under-its-wing-2022-03-30/" rel="null" target="null" text="null" title="null">secure</a> a provisional operating permit from Dubai’s VARA, shortly after the regulator was <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dubai-establishes-virtual-asset-regulator-and-announces-new-crypto-law" rel="null" target="null" text="null" title="null">formed and new crypto laws were established</a> in 2022.
The full license enables BitOasis to enhance its current services to retail, institutional and qualified investors. It also lays a foundation for further work to secure additional approvals from VARA and other regulators to continue expanding its product portfolio.
“While the license does not allow BitOasis to conduct any new activities, it enables BitOasis to enhance its existing products and features, and it positions the company well when it comes to securing additional licenses and approvals from VARA in the coming year,” a spokesperson for BitOasis told Cointelegraph.
BitOasis’ past regulatory approvals in Dubai and Bahrain have allowed the company to provide virtual assets broker-dealer services to its users, the representative noted.
In 2023, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dubai-vara-suspends-bitoasis-exchange-license" rel="null" target="null" text="null" title="null">VARA briefly suspended BitOasis’ license</a> for not meeting mandated conditions within the timeframes set out by the authority.
<h2 id="india-s-coindcx-acquired-bitoasis-in-july-2024">India’s CoinDCX acquired BitOasis in July 2024</h2>
Launched in 2015, BitOasis is a pioneer in the region’s cryptocurrency ecosystem and is focused on servicing crypto investors in the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/emirati-crypto-exchange-bitoasis-raises-30m-to-expand-in-mena" rel="null" target="null" text="null" title="null">Middle East and North Africa</a> (MENA) region.
In July, CoinDCX — a major crypto exchange in India — <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/coindcx-acquires-bitoasis-expands-mena" rel="null" target="null" text="null" title="null">acquired BitOasis</a>, marking its first step into the MENA market. <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/okto-wallet-uae-license-web3-adoption" rel="null" target="null" text="null" title="null">CoinDCX’s self-custodial wallet Okto</a> also received a license from the Ras Al Khaimah Digital Assets Oasis in the UAE in August.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dwf-labs-headquarters-move-abu-dhabi" rel="null" target="null" text="null" title="null">DWF Labs shifts base to Abu Dhabi to strengthen Middle East presence</a>
<a data-ct-non-breakable="null" href="https://bitoasis.net/en/page/faq" rel="null" target="null" text="null" title="null">According</a> to its website, BitOasis currently allows users to buy, sell and trade more than 60 cryptocurrencies using the UAE dirham and Saudi riyal.
<figure>
 <img alt="UAE, India, Dubai, Policy" src="https://s3.cointelegraph.com/uploads/2024-12/0193aa96-bc3b-7a7a-b4ce-3d39edd33040" title="">
 <figcaption style="text-align: center;">
 Supported countries and available services on BitOasis. Source: BitOasis
 </figcaption>
</figure>
BitOasis serves clients in UAE, Saudi Arabia, Bahrain, Kuwait, Qatar, Jordan, Egypt, Lebanon, Tunisia, Algeria, Morocco, Iraq and Libya.
Cointelegraph reached out to BitOasis for comment regarding its new VARA license but did not receive a response by the time of publication.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-100k-china-microstrategy-coinbases-stablecoins-asia-express/" rel="null" target="null" text="null" title="null">‘China’s MicroStrategy’ Meitu sells all its Bitcoin and Ethereum: Asia Express</a>

CoinDCX’s BitOasis receives full crypto license in Dubai

Table of Contents

Cointelegraph

Other articles published on Dec 9, 2024

Is Solana Positioned to Reach $420 Despite Volatility?

SushiSwap to Launch New Products in 2025, Including Kubo, Blade, and Susa

Cardano Foundation Recovers X Account After Hack and Scam Post

Floki Launches Crypto Debit Card Across 31 Countries in Europe

New Pepe Coin Rival Wall Street Pepe Surges Past $3.2 Million In Just 1 Week – Top 2024 Presale?

112 Million DOGE on Move – What's Driving Surge?

Join our free newsletter for daily crypto updates!