BitOasis, MENA’s leading regional cryptocurrency trading platform, has secured an MVP Operational License from Dubai’s Virtual Asset Regulatory Authority (VARA), completing the final step in the MVP process, and allowing for the company to provide VA broker-dealer services to qualified retail and institutional investors from its Dubai HQ under VARA’s regulatory regime.
The MVP Operational License follows the Provisional Approval issued by VARA to BitOasis in March 2022, within a month from VARA’s formation, under which the company has been permitted to continue to operate its platform from Dubai whilst completing VARA’s rigorous licensing process. BitOasis is the first virtual asset broker-dealer and trading platform to have received an MVP Operational License under VARA’s regulatory framework.
The achievement of this milestone comes as a result of BitOasis’ longstanding commitment to proactive collaboration with regulators and sector stakeholders in the UAE and beyond. In 2021, BitOasis became the first crypto platform in the UAE to be registered with the country’s Financial Intelligence Unit (Go-AML platform), following an extensive risk assessment completed with the UAE’s Executive Office of Anti-Money Laundering and Combatting the Financing of Terrorism.
Founded in Dubai in 2016, BitOasis enables users across the GCC and MENA to buy and sell over 60 tokens with fiat currencies such as AED, SAR, TL, and USD. In 2021 BitOasis became the only VA platform to offer customers the ability to deposit funds to bank accounts in the UAE on a fee-free and near real-time basis.
Henson Orser CEO – VARA
“We are pleased to welcome BitOasis to the MVP Program phase. The VARA ecosystem aims to strike a balance between value creation, risk mitigation and enhanced investment opportunities with consumer protection at its core. BitOasis has demonstrated a strong commitment to operating with a firm bias for regulation throughout the licensing process. One of VARA’s founding principles is creating an equal opportunity regime for responsible VASPs and being able to onboard credible home-grown companies, like BitOasis, in addition to leading global platforms, allowing us to bring the shared learnings of our licensees to build the foundation for our global future economy.”
Ms. Ola Doudin, co-founder and CEO of BitOasis noted that “We are extremely proud to receive VARA’s MVP Operational License. Becoming the first virtual asset trading platform in the MVP program to attain an operating license is an important milestone for us and the Emirate of Dubai. BitOasis was launched in Dubai in 2016 and the city has remained our home and headquarters ever since. We remain committed to operating in accordance with applicable law, regulation and best practices from Dubai and across the region. 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.”
Mr. Samir Satchu, Senior Vice-President of Public Policy & Expansion at BitOasis added that “Our commitment and ambition at BitOasis is to serve the GCC and MENA region through a network of regulated platforms and on-the-ground infrastructure. VARA’s MVP Operational License, as well as our in-principle approval in Bahrain, are important building blocks for that strategy.“
