BitOasis Secures Full VASP License from Dubai’s VARA, Strengthening its Crypto Footprint
BitOasis, a leading cryptocurrency trading platform in the Middle East and North Africa (MENA) region, has achieved a significant milestone by obtaining a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). Announced on December 9, this development marks a pivotal step for the company following its acquisition by the Indian cryptocurrency exchange, CoinDCX, earlier this year.
With this approval, BitOasis is now authorized to provide a comprehensive suite of cryptocurrency services, including buying, selling, and trading digital assets. The company is set to operate under the new license immediately, showcasing its dedication to regulatory compliance and collaboration with Dubai’s forward-thinking authorities.
A Legacy of Regulatory Alignment
BitOasis has long been at the forefront of working closely with regulators in the UAE. It was among the first platforms to secure a provisional license from VARA when Dubai introduced its cryptocurrency regulations in 2022.
The newly granted full license empowers BitOasis to enhance its existing offerings for retail and institutional investors while positioning the company for future growth. Though the license does not currently permit new activities, it strengthens the foundation for broader regulatory endorsements in the years ahead.
This achievement comes after a challenging phase in 2023 when VARA temporarily suspended BitOasis’ license due to unmet conditions. Despite this setback, the platform rebounded by leveraging its previous approvals in Dubai and Bahrain to offer robust virtual asset brokerage services.
CoinDCX’s Strategic Expansion into MENA
In July 2024, CoinDCX acquired BitOasis as part of its ambitious strategy to expand its footprint in the MENA region. This move marked the Indian exchange’s entry into a rapidly evolving market with immense growth potential. CoinDCX also made significant strides in the region by securing a license for its self-custodial wallet, Okto, from Ras Al Khaimah Digital Assets Oasis in August.
BitOasis currently supports trading in over 60 cryptocurrencies, using local currencies such as the UAE dirham and Saudi riyal. Its focus on innovation, regulatory compliance, and seamless user experience has established the platform as a trusted leader in the region’s burgeoning crypto industry.
A New Era for Crypto in Dubai
The full VASP license underscores Dubai’s emergence as a global hub for cryptocurrency innovation. With CoinDCX’s strategic backing, BitOasis is poised to lead the charge in the MENA crypto market, driving adoption and setting new standards for compliance and service excellence.
As the region embraces digital assets, BitOasis’ enhanced offerings and commitment to regulatory collaboration position it as a key player in shaping the future of cryptocurrency in the MENA region.