The Dubai Virtual Assets Regulatory Authority (VARA) has provided BitOasis, the Middle East and North African (MENA) virtual assets broker-dealer trading platform, with a full Virtual Asset Service Provider (VASP) Licence.
The announcement was made as BitOasis has satisfied all relevant regulatory conditions and requirements posed by VARA. The broker-dealer trading platform will transition to operate under its new licence with immediate effect.
VARA launched as a regulator in 2022, with BitOasis being one of the first platforms to secure a provisional operating permit. Securing the full VASP Licence marks the final step in VARA’s licensing process for the BitOasis’ current activities, and represents a major milestone in the company’s journey. It also opens a new chapter for BitOasis with VARA.
Securing the new licence will enable BitOasis to further enhance its current services provided to retail, institutional and qualified investors, and to work to secure additional approvals from VARA and other regulators to further expand its product portfolio.
Ola Doudin, co-founder and CEO of BitOasis said: “Securing the full VASP License is not only a testament to our team’s dedication to regulatory compliance but also reinforces our resolve to lead the industry with integrity and accountability.
“We are grateful to VARA for their guidance and support throughout this process. We are excited to continue our growth and further enhance our products to meet the rapidly evolving needs of our clients.”
Going forward, the trading platform will continue to work regulators, public sector stakeholders, and its community to advance and develop the virtual asset revolution. It will ensure that it serves the community as a trusted partner for individuals and businesses looking to expand into the virtual assets landscape.
AI level 0 of 5: researched, written and edited by Francis Bignell without generative AI; only everyday tools such as spelling and grammar checkers were used. What the levels mean
