May 2, 2023

BitOasis Receives VARA’s MVP License To Operate in Dubai

BitOasis

BitOasis

BitOasis, a crypto exchange in the MENA region, announced it got the first-of-its-kind operational MVP license from Dubai’s Virtual Assets Regulatory Authority (VARA) after completing the final step in the MVP process.

In a press release, BitOasis said such a license will allow the company to offer virtual assets broker-dealer services to institutional and retail investors in Dubai under the VARA’s regulations.

Earlier in March 2022, BitOasis secured VARA’s Provisional Approval, which precedes the MVP Operational License.

According to the press release, BitOasis is the first virtual asset broker-dealer and trading platform to have received an MVP Operational License under VARA’s regulatory framework in addition to being the first crypto platform in the UAE to be registered with the country’s Financial Intelligence Unit (Go-AML platform).

The company noted that it would make use of this license to build new partnerships in Dubai and the UAE to enable eligible investors to sell, buy, and hold virtual assets on its platform as well as launching new virtual asset products.

In this regard, Ola Doudin, the co-founder and chief executive of BitOasis, expressed her happiness in securing the license, describing it as an important milestone for the company and Dubai. Doudin also pointed out that BitOasis continues to show commitment to operating under the VARA’s laws and regulations, which are considered the best.

“We are grateful for the robust and consultative approach that VARA has taken since its formation as the world’s first dedicated virtual assets regulator in March 2022,” she added.

Meanwhile, Chief Executive Office of VARA Henson Orser said VARA creates an equal opportunity regime for responsible virtual assets service providers to build credible home-grown companies, adding BitOasis was strongly committed to operating with a firm bias for regulation throughout the licensing process.

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