BitOasis entity secures regulatory approvals as virtual assets gain rapid adoption globally

BitOasis has been granted a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) and is currently working towards the migration of its operations towards launch in ADGM.

As the first and largest virtual asset platform in the Mena region, BitOasis is now authorised to operate a regulated Multilateral Trading Facility (MTF) and custody platform for virtual assets in ADGM in the UAE that will serve retail, accredited investors, trading firms and institutions. The platform is intended to allow buying and selling of virtual assets with local currencies. The platform will launch after securing additional launch approvals from the FSRA.

Ola Doudin, chief executive officer and co-founder of BitOasis said: “We have been pioneers in the region since we began operating in 2015, and we’re delighted to have achieved yet another milestone in the regulatory evolution of virtual asset market structure in the region. ADGM has been instrumental in our journey, having granted the first In Principal Approval (IPA) for BitOasis in April 2019, and we look forward to launching under our regulatory licenses in due course subject to further regulatory approvals from the FSRA.”

The virtual asset market is currently enjoying a bull run after two years of recovery, with market prices of many tokens reaching all-time highs this year. Last week saw Bitcoin and Ethereum recording prices of $64,758 and $2,397, respectively. Factors that include an increase in institutional interest and growth on DeFi (Decentralised Finance) applications and stablecoins suggest a continued positive trend.

— sandhya@khaleejtimes.com