As a seasoned crypto investor with over a decade of experience under my belt, I find the recent news about BitOasis’ full VASP license from Dubai regulators to be a positive development for the global crypto market. Having closely observed the ups and downs of this industry, it’s always heartening to see exchanges like BitOasis, which have been around since 2016, continue their journey towards regulatory compliance and growth.
CoinDCX’s BitOasis recently received a complete Virtual Asset Service Provider license from the regulatory body overseeing virtual assets in Dubai, marking two years since they initially obtained an operational permit.
Through a recent announcement in a press statement, the cryptocurrency exchange based in Dubai, BitOasis, revealed that they have obtained a fresh license within their local regulatory framework following their acquisition by the Indian cryptocurrency platform, CoinDCX.
After meeting all necessary criteria, the company received a comprehensive Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority. Immediately, BitOasis announced their intention to start operating under this new license.
Obtaining a complete VASP license represents the concluding action in BitOasis’ VARA licensing procedure, confirming that they meet all the regulatory standards as set forth by Dubai authorities.
Following the acquisition of the license, the trading platform intends to extend its services to cover a comprehensive suite of cryptocurrency transactions, such as purchasing, selling, and trading over 60 digital currencies. These services will be denominated in both UAE Dirham and Saudi Riyal.
In her own words, Ola Doudin, Co-Founder and CEO of BitOasis, shared that the exchange aims to keep refining and enhancing its offerings to cater to the changing requirements of its clients and obtain further authorizations from VARA, along with other regulatory bodies, in order to broaden its product range.
Obtaining the complete VASP License underscores not just our team’s commitment to adhering to regulations, but also strengthens our determination to spearhead the industry through honesty and responsibility,” stated Doudin.
2023 saw the temporary halt of BitOasis’ Minimum Viable Product license by VARA, due to allegations that the exchange fell short in complying with essential regulatory standards, a matter which had been earlier highlighted by crypto.news.
On April 12, BitOasis was granted a MVP license from VARA, allowing them to offer broker-dealer services. Yet, VARA accused the company of failing to meet certain unspecified conditions that were expected to be fulfilled within 30 to 60 days following the issuance of the license.
Furthermore, BitOasis became one of the initial platforms to receive a preliminary operating license from VARA in 2022. Established in 2016, this company is based out of Dubai and has handled over $6.6 billion in trading volume since its debut.
Read More
- Crypto ETPs hit $44.5b in YTD inflows amid Bitcoin surge
- AI16Z PREDICTION. AI16Z cryptocurrency
- POL PREDICTION. POL cryptocurrency
- Li Haslett Chen to Leave Warner Bros. Discovery Board
- Blockaid new dashboard to track Web3 activity and threats
- Hong Kong Treasury says crypto is not a ‘target asset’ for its Exchange Fund
- ‘Kraven the Hunter & ‘Madame Web’ Box Office Disaster Blamed on Media Scrutiny
- EXCLUSIVE: Alia Bhatt in talks with Dinesh Vijan for a supernatural horror thriller; Tentatively titled Chamunda
- Shiba Inu, Bonk, Pepe prices rebound: Beware of dead cat bounce
- Crypto x AI makes up just 1% of crypto market cap, says analyst
2024-12-09 15:35