BitOasis Secures Full VASP Regulatory License in Dubai

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As a seasoned crypto investor with roots deeply entrenched in the MENA region, I can confidently say that the recent full Virtual Asset Service Provider (VASP) license secured by BitOasis is more than just a regulatory milestone – it’s a strategic move that cements its position as a regional powerhouse.

BitOasis, a prominent cryptocurrency trading platform located in Dubai, has recently accomplished a notable regulatory achievement. The exchange has been granted a full license as a Virtual Asset Service Provider (VASP) by the Dubai Virtual Assets Regulatory Authority (VARA). This significant advancement, made public today, signifies the culmination of the company’s licensing procedure.

After being purchased by CoinDCX, a prominent Indian cryptocurrency exchange, this significant step has been taken. Obtaining this license will bolster BitOasis’s influence in the burgeoning cryptocurrency market of the Middle East and North Africa (MENA) region.

BitOasis’ Regulatory License: A Strategic Step Forward

As an analyst, I’m excited to announce that BitOasis has secured a new license, which expands our service offerings. Now, we can cater to both retail and institutional investors within the MENA region. This means individuals and larger entities can engage in a wide array of crypto trading activities, such as buying, selling, and utilizing more sophisticated features for trading. This is a significant step forward for us, enhancing our position as a leading digital asset platform in this region.

Instead, it’s important to note that the complete VASP license doesn’t introduce fresh offerings for BitOasis. Rather, it empowers the platform to refine its current product lines and services. Acquiring this comprehensive license followed the exchange obtaining a preliminary operating permit from VARA in 2022, shortly after the establishment of this regulatory body.

Significantly, BitOasis’s trading operations were temporarily halted in 2023 due to their inability to satisfy specific regulatory standards within established timelines. However, now, having obtained this Virtual Asset Service Provider (VASP) license, it is evident that they have successfully met all the required conditions.

Over time, the United Arab Emirates (UAE) has emerged as a significant center for cryptocurrency trading platforms, largely due to its welcoming attitude towards crypto and more lenient laws. Notably, major players like OKX and GC Exchange FZE (GCEX) have been granted VASP licenses in Dubai, thereby fostering a competitive market atmosphere.

For quite some time now, BitOasis has held a significant position within the MENA region. This platform has managed to comply with regulations across Dubai, Bahrain, and other areas, demonstrating its resilience. A notable aspect of its operation is its emphasis on local currency trading. Users in these regions can conduct transactions using UAE dirhams and Saudi riyals, while the exchange provides access to over 60 different cryptocurrencies.

With the shift to its new license, BitOasis is bolstering its existing partnership with VARA and other regulatory bodies in Dubai, paving the way for further licensing and approval endeavors. This strategic move aims to sustain its growth and regional expansion.

CoinDCX’s Role in BitOasis’ Growth

The acquisition of BitOasis by CoinDCX in 2023 is poised to bring more visible advantages.

Support from CoinDCX, with their knowledge and assets within the Indian and international cryptocurrency sectors, could empower BitOasis to enhance their offerings and develop new features swiftly. This collaboration is intended to equip BitOasis with the necessary means to grow and maintain its competitive edge.

1) With this support, BitOasis can broaden its range of products, enhance its technology, and provide enhanced liquidity to its users. Moreover, CoinDCX’s self-managed wallet is well-positioned to contribute significantly to the expansion of services that BitOasis offers to MENA users.

As a researcher, I can express that my understanding of the local market and consumer requirements significantly enhances with BitOasis, owing to our accumulated experience, adherence to regulations, and the backing of CoinDCX. This strategic advantage sets us apart from fresh competitors like Deribit, making it easier for us to navigate and excel in this dynamic crypto landscape.

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2024-12-09 16:33