Homegrown crypto broker BitOasis receives active operational go ahead from Dubai’s regulator

BitOasis, the first homegrown crypto broker out of UAE, has reverted back to active operational status, allowing it to onboard new clients, while it awaits approval for its full operational VASP license from Dubai’s virtual asset regulatory authority (VARA).

As per VARA’s website, under active MVP operational status, BitOasis Technologies FZE Virtual Asset Service Provider (VASP) with offices in Dubai Silicon Oasis is authorised for specific activities and product types such as broker dealer services.

BitOasis had been working since July 2023 to fulfil select conditions associated with its Operational MVP License with respect to serving Institutional and Qualified Retail Investors after VARA had suspended its license.

BitOasis had received its MVP Operational license back in May 2023.

In August 2023, BitOasis received an investment from Indian crypto exchange CoinDCX. At the time, Ola Doudin, Co-Founder and CEO of BitOasis said, “We are delighted to be working with CoinDCX, India’s leading crypto platform. The investment will allow us to sharpen our focus on perfecting our existing products and expanding across our markets. We are very excited about the opportunities the funding will unlock for us.”

The BitOasis active operational status comes just a few days after Crypto.com a global crypto exchange received its license from VARA as well.

To date VARA has granted several crypto exchange licenses. Dubai’s virtual asset regulatory authority has granted, crypto.com, OKX (awaiting operational approval), BackPack exchange, Toko, and Binance (still awaiting its final license).

In addition, VARA has offered several crypto broker licenses Aquanow, Fasset, CoinMENA, GCEX, Fuze, and Toko.

With this Dubai and the UAE has become a country with the most regulated crypto exchanges and brokers.

Please note this article has been updated on April 14th 2024, given the information on VARA website.