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Dubai’s Virtual Asset Regulatory Authority (VARA) awards first broker-dealer MVP operational license

Dubai's Virtual Asset Regulatory Authority (VARA) awards first broker-dealer MVP operational license

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TL;DR

  • BitOasis, a UAE-based cryptocurrency exchange focused on the Middle East, announced on Monday that it has obtained the first broker-dealer minimum viable product (MVP) operational license from VARA.
  • In 2021, BitOasis became the first crypto platform UAE to register with the country’s Financial Intelligence Unit (Go-AML platform).

BitOasis, a UAE-based cryptocurrency exchange focused on the Middle East, announced today that it has obtained the first broker-dealer minimum viable product (MVP) operational license from Dubai’s Virtual Asset Regulatory Authority (VARA).

BitOasis long-standing commitment to proactive collaboration

The new achievement comes from BitOasis’s long-standing commitment to proactive collaboration with regulators in the UAE.

In 2021, BitOasis became the first crypto platform UAE to get registered with the country’s Financial Intelligence Unit (Go-AML platform).

Ola Doudin, founder and CEO of the crypto company, stated that becoming the first virtual asset trading platform in the MVP program to get an operating license is an important achievement. He noted that since the launch of BitOasis in 2016, Dubai had remained the company’s headquarters. Doudin also added that his platform remains committed to staying in accordance with applicable law, regulation, and best practices from Dubai and across the region.

VARA’s role in Dubai’s crypto landscape

Established in March 2022, VARA regulates the burgeoning virtual asset sector in Dubai as the United Arab Emirates strives to become an international hub for the industry.

VARA grants licenses in multiple stages, and BitOasis is the first broker-dealer to successfully finish the MVP stage since obtaining provisional approval to begin the licensing process in March 2022. VARA’s website shows no company has yet completed the full market product (FMP) stage.

Operating under VARA’s regulatory framework, BitOasis can now offer broker-dealer services to eligible retail and institutional investors from its Dubai headquarters, the company stated in a press release.

Henson Orser, CEO of VARA, emphasized that the regulator’s ecosystem aims to balance value creation, risk mitigation, and increased investment opportunities while prioritizing consumer protection.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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