Dubai Regulators Award Full VASP License to BitOasis

Dubai’s Virtual Assets Regulatory Authority (VARA) has granted BitOasis a full Virtual Asset Service Provider (VASP) license, marking a significant milestone for the crypto exchange. The approval comes two years after BitOasis initially secured an operating permit, underscoring its commitment to regulatory compliance and innovation in the digital asset space.

Transition to Full VASP Operations

In a press release, Dubai-based BitOasis announced that it would immediately transition to operating under the full VASP license. This development follows BitOasis’ acquisition by Indian crypto exchange CoinDCX and the successful completion of VARA’s comprehensive evaluation process.

The full VASP license enables BitOasis to offer an expanded range of cryptocurrency trading services. Users will now have access to over 60 cryptocurrencies with trading pairs in UAE dirhams (AED) and Saudi riyals (SAR), bolstering the platform’s regional offerings.

Commitment to Compliance and Growth

Ola Doudin, Co-Founder and CEO of BitOasis, emphasized the company’s dedication to adhering to regulatory standards and delivering enhanced services. “Securing the full VASP license is not only a testament to our team’s dedication to regulatory compliance but also reinforces our resolve to lead the industry with integrity and accountability,” Doudin stated.

She added that BitOasis plans to continue improving its products to meet evolving client needs while pursuing additional regulatory approvals to expand its product portfolio.

Overcoming Regulatory Challenges

BitOasis’ journey to securing the full VASP license has not been without challenges. In 2023, VARA suspended the platform’s Minimal Viable Product (MVP) license, citing non-compliance with certain undisclosed requirements. The MVP license, granted in April 2023, allowed BitOasis to provide broker-dealer services. However, VARA alleged that the firm failed to meet specific conditions within the stipulated 30-to-60-day timeframe.

Despite these setbacks, BitOasis’ determination to align with regulatory expectations has culminated in this significant achievement. The platform, launched in 2016 and headquartered in Dubai, was one of the first to secure a provisional operating permit from VARA in 2022. Since its inception, BitOasis has processed over $6.6 billion in trading volume, establishing itself as a leading player in the regional crypto market.

A New Era for BitOasis

The granting of the full VASP license marks a pivotal moment for BitOasis, positioning the exchange to further solidify its presence in the UAE and beyond. With a focus on compliance, innovation, and customer-centric services, BitOasis aims to lead the way in the rapidly evolving crypto landscape