BitOasis, a cryptocurrency trading platform based in Dubai, has achieved a significant regulatory milestone by obtaining a full virtual asset service provider (VASP) license from the Virtual Assets Regulatory Authority (VARA). This development follows the acquisition of BitOasis by India’s CoinDCX, a prominent cryptocurrency exchange. The announcement was made on December 9, marking the completion of BitOasis’s licensing process.
The new VASP license positions BitOasis to offer a comprehensive array of cryptocurrency trading services, inclusive of buying, selling, and trading digital assets. The firm plans to implement operations under this new license immediately, ensuring compliance with local authorities as it transitions to its updated business framework. BitOasis had initially secured provisional approval in 2022 as one of the first platforms to adapt to Dubai’s newly established cryptocurrency regulations.
This latest achievement reflects BitOasis’s commitment to working closely with UAE regulators, enhancing its services for retail, institutional, and qualified investors. Furthermore, it paves the way for BitOasis to seek additional approvals from VARA and other regulatory bodies, broadening its service offerings in the future.
Despite its recent success, BitOasis faced challenges in 2023 when VARA temporarily suspended its license for not fulfilling regulatory obligations within the stipulated timeframes. Nevertheless, with the backing of CoinDCX and the new VASP license, BitOasis is poised to solidify its presence in the MENA (Middle East and North Africa) region, where it has been a key player in the cryptocurrency ecosystem since its founding in 2015.
The acquisition by CoinDCX in July provides a strategic entry for the Indian exchange into the MENA market, coinciding with the licensing of its self-custodial wallet, Okto, from another UAE regulatory body. BitOasis currently facilitates transactions in over 60 cryptocurrencies for clients across several countries, including the UAE, Saudi Arabia, Bahrain, Kuwait, Qatar, and others in the region.
