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UAE-based crypto exchange BitOasis has received provisional approval from Dubai’s new crypto regulator to continue its existing business operations in the region.
BitOasis Gets Provisional Approval From Dubai
According to Reuters, BitOasis received provisional approval to continue its existing business operations in Dubai and is currently undergoing the process of applying for a full license in accordance with Virtual Asset Regulatory Authority (VARA) license. Before coming under VARA, BitOasis had been registered with the central bank and reported anti-money laundering issues to the bank's financial intelligence unit.
“We will continue to strive to offer our customers the most customised platform for their local needs in accordance with regulations that will best protect them both now and as the industry evolves," Ola Doudin, co-founder and chief executive of BitOasis, said.
Dubai's Push Towards Becoming the Global Crypto Capital
Earlier this month, Dubai adopted a law to regulate virtual assets. The city’s Virtual Asset Regulatory Authority (VARA) license mandates the growing crypto sector in Dubai, including all mainland and free zones, excluding the autonomous Financial Free Zone at the Dubai International Financial Centre. Following the announcement, major cryptocurrency exchanges, Binance, and FTX Europe secured virtual asset licenses to operate in Dubai. Similarly, Bybit and Crypto.com announced this week that they are also establishing operations there.