UAE's first crypto exchange, BitOasis, receives provisional approval from Dubai's Virtual Asset Regulatory Authority
- Founded in the UAE in 2015, BitOasis is the region's leading Virtual Asset Service Provider (VASP) by traded volume
- BitOasis license application is underway with the Dubai Virtual Assets Regulatory Authority (VARA)
- BitOasis is the only VASP headquartered in Dubai and registered with UAE government entities including the Financial Intelligence Unit
- BitOasis will collaborate with VARA to develop best practices based on its UAE operating model more broadly within the eco-system
BitOasis has received provisional approval from Dubai's Virtual Assets Regulatory Authority to continue its business operations in Dubai whilst it undertakes the [in- depth] process of applying for a license in accordance with the VARA requirements.
Dubai VARA will serve as the single custodial entity mandated to license and govern the burgeoning sector in Dubai, including all mainland and free zones, excluding autonomous Financial Free Zone - Dubai International Financial Centre.
Founded and headquartered in Dubai since 2015, BitOasis has over 100 full time employees based in its Dubai headquarters and some 60 employees based across its network of offices in Abu Dhabi, Amman, Istanbul and Riyadh. The company operates a virtual asset platform serving English and Arabic speaking audiences across the GCC and wider MENA region.
As the first VASP to operate from Dubai, BitOasis is a fully operational model that is seeking the new VARA license and has been granted provisional regulatory approval to continue its existing business as previously authorised by relevant UAE authorities. BitOasis will share experience-based insights on UAE specific operational, AML and CFT practices with VARA to assist in the development of the new VASP regulatory framework.
Helal Saeed Almarri, Director General of the Dubai World Trade Centre Authority, that houses VARA said, "As an authority that is committed to nurturing UAE's home-grown enterprises, and building strong foundations for the global future economy, the VARA is pleased to facilitate the onboarding of BitOasis into our ecosystem. We value the new sector-knowledge and experience-driven learnings that BitOasis brings as a platform that has been built in and from Dubai and scaled successfully across the region. Even as BitOasis works through their specialised VARA licensing, we want to ensure they are able to continue to credibly service their existing business, in so far as they are appropriately licensed by the relevant UAE authorities."
BitOasis co-founder and CEO, Ola Doudin said: "Dubai is our home and we are excited to be working with the world’s first specialised regulator for the VA sector. Dubai and the United Arab Emirates is a diverse market with citizens and expatriates from many corners of the world - we will continue to strive to offer our customers the most customised platform for their local needs in accordance with regulations that will best protect them both now and as the industry evolves. We look forward to BitOasis and international entrants further developing best global, regional and local practice."