BitOasis can now offer a full range of crypto trading services in Dubai upon receiving a full virtual asset service provider (VASP) license.
Dubai-based cryptocurrency trading platform BitOasis, recently acquired by Indian crypto exchange CoinDCX, met all the necessary regulatory conditions and requirements and was granted a full virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
This milestone allows the company to offer regulated virtual asset services, including buying, selling and trading of more than 60 cryptocurrencies using the UAE dirham and Saudi riyal, in Dubai, strengthening its position in the region. BitOasis highlighted its commitment to regulatory compliance and plans to introduce innovative products and services under the license.
Dubai has been mandating licensing for crypto services providers with new regulatory requirements by the VARA since early 2023. The regulatory framework includes guidelines for businesses operating in the digital asset space and aims to protect investors and consumers while encouraging the growth of the industry. The penalty for non-compliance can be as hefty as 500,000 AED ($136,000). VARA guidelines and licences reflect Dubai’s strategic vision of fostering a regulated and secure environment for virtual assets.
BitOasis’s full VASP license is building on its earlier provisional permit obtained in 2022. This license allows the platform to improve its current services for retail, institutional, and qualified investors while paving the way for future regulatory approvals to expand its offerings. Although no new activities are permitted under the VASP license, it enhances BitOasis’ security and reputation, boosts existing features and strengthens its position for further growth in the UAE’s regulated crypto market.
BitOasis is a pioneer in the MENA cryptocurrency ecosystem, operating since 2015. The exchange serves clients in UAE, Saudi Arabia, Bahrain, Kuwait, Qatar, Jordan, Egypt, Lebanon, Tunisia, Algeria, Morocco, Iraq and Libya. It was acquired in July 2024 by CoinDCX — a major crypto exchange in India.
