BitOasis, a crypto exchange that focuses on the Middle East and is headquartered in the United Arab Emirates (UAE), just received an operational license for the first broker-dealer minimum viable product from Dubai’s crypto regulator. This makes the company the first broker-dealer to complete the minimum viable product stage in the licensing process under Dubai’s Virtual Asset Regulatory Authority (VARA).
The Provisional License Acquisition of BitOasis
VARA features a multi-stage licensing process for qualified firms, and BitOasis was granted provisional approval in March 2022. This means that BitOasis is now authorized to offer broker-dealer services to both institutional and qualified retail investors from its Dubai headquarters, under the government’s regulatory framework. Based on VARA’s website, no company has been granted a license for the full market product stage yet.
According to the official statement of VARA CEO Henson Orser, the VARA ecosystem strives to prioritize consumer protection while achieving value creation, risk mitigation, and enhanced investment opportunities. Meanwhile, BitOasis considers the license a major milestone and a significant step towards Dubai’s ambition to establish itself as a global center for the digital asset sector.
Operations of BitOasis
BitOasis is by far the largest cryptocurrency exchange and wallet provider based in the UAE. The platform established in 2015 provides an easy and secure way for individuals and businesses to buy, sell, and store cryptocurrencies, including but not limited to Bitcoin, Ethereum, and Ripple.
In addition to the UAE, the exchange currently services clients from the following countries:
- Saudi Arabia
- Bahrain
- Kuwait
- Oman
- Qatar
- Jordan
- Egypt
- Lebanon
- Tunisia
- Algeria
- Morocco
- Iraq
- Libya
One of the standout features of BitOasis is its focus on security. The platform uses advanced security measures such as two-factor authentication and multi-signature wallets to ensure that users’ funds are kept safe at all times. Additionally, BitOasis conducts regular security audits to identify and address any potential vulnerabilities.
BitOasis also offers a range of tools and services to help users manage their cryptocurrency investments. The platform provides real-time market data and analysis, as well as customizable alerts to help users stay informed about price movements and market trends. Additionally, it lets users can set up recurring purchases to automate their investments and take advantage of dollar-cost averaging.
VARA’s Mandate
VARA prides itself as the first independent regulatory authority for virtual assets worldwide. Its mission is to provide a transparent and trusted guiding authority for the digital assets industry. By leveraging expertise from global organizations and collaborating with relevant financial regulatory authorities, the regulatory entity is helping to mitigate risks and facilitate cross-border operations and innovation, enabling safe market adoption and growth.
The watchdog’s mission is to position Dubai as a global hub for digital assets and related services while promoting a digital economy and attracting investments and businesses to the city. To achieve this, it plans to develop regulations, rules, and standards to regulate and supervise virtual asset platforms and service providers within its jurisdiction. Its ultimate goal is to create a replicable framework that can be applied globally while protecting investors and curbing down illegal practices.
Final Thoughts
The license granted by Dubai’s VARA certainly marks a significant milestone for BitOasis. The issuance will not only provide a competitive edge to the exchange but it also instills confidence in its clients about its regulatory compliance and commitment to consumer protection. This development effectively positions the company as a key player in the emerging virtual asset sector in the Middle East and its neighboring regions.
Giancarlo is an economist and researcher by profession. Prior to his addition to Blockzeit’s dynamic team, he was handling several crypto projects for both the government and private sectors as a Project Manager of a consultancy firm.
