BitOasis Secures Crypto License from VARA Following CoinDCX Acquisition
BitOasis, a virtual assets broker-dealer in the Middle East
and North Africa (MENA), has obtained a full Virtual Asset Service Provider
(VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). The
announcement follows its acquisition by CoinDCX, marking the company’s entry
into the MENA virtual asset market.
The company stated that it has met all necessary regulatory
conditions and will begin operations under the new license immediately.
BitOasis Receives Full VARA License
The full VASP license is the final stage in VARA’s licensing
process for BitOasis’ current operations. The license formalizes the platform’s
compliance with Dubai’s virtual asset regulations.
BitOasis received a provisional operating permit from VARA
in 2022, shortly after the regulator was established.
Ola Doudin, Co-Founder and CEO of BitOasis, said: “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. We are grateful to VARA for their guidance and
support throughout this process.”
📢 We’re proud to announce that BitOasis received a full VASP License from Dubai’s Virtual Assets Regulatory Authority (VARA)!✅ Trusted and secure.✅ Licensed and regulated in Dubai & Bahrain.✅ Pioneering the MENA crypto space.Learn more: https://t.co/MPeudfZZJa pic.twitter.com/PCv50d1rwc
— BitOasis (@bitoasis) December 9, 2024
According to the firm, the new license will allow BitOasis
to improve its services for retail, institutional, and qualified investors. The
company also plans to pursue additional regulatory approvals to expand its
range of products.
CoinDCX Acquires BitOasis
Meanwhile, CoinDCX
has acquired BitOasis, as reported by Finance Magnates. The acquisition
strengthens CoinDCX’s presence, as BitOasis is known for its significant
trading volumes in Emirati dirhams.
Recently, BitOasis obtained a Minimum Viable Product
Operational License from the Virtual Assets Regulatory Authority in Bahrain,
allowing it to operate as a broker-dealer under strict regulatory oversight.
CoinDCX’s Co-Founder, Sumit Gupta, confirmed that BitOasis will remain
independent, operating under its current licenses.
This article was written by Tareq Sikder at www.financemagnates.com.