CoinDCX’s BitOasis receives full crypto license in Dubai
BitOasis’ acquisition of the full VASP license marks the final step in BitOasis’ VARA licensing process, targeting a range of crypto trading services.
Dubai-based cryptocurrency trading platform BitOasis has secured a new license in its home jurisdiction after being acquired by
the Indian crypto exchange CoinDCX.
BitOasis has received a full virtual asset service provider (VASP) License from Dubai’s Virtual Assets Regulatory Authority (VAR
A), the firm announced on Dec. 9.
The acquisition of the VASP license marks the final step in BitOasis’ VARA licensing process, targeting a range of crypto trading services, including buying, selling and trading.
The firm plans to seamlessly transition to operating under its new VASP license with immediate effect following cooperation and ensuring compliance with Dubai authorities.
BitOasis first received provisional approval in 2022
BitOasis’ latest regulatory milestone in Dubai builds on the foundation of solid cooperation with market regulators in the United Arab Emirates.
The crypto trading firm was among the first platforms to secure a provisional operating permit from Dubai’s VARA shortly after the regulator was formed and new crypto laws were established in 2022.
The new license enables BitOasis to enhance the current services it provides to retail, institutional and qualified investors.
It also lays the background for further work to secure additional approvals from VARA and other regulators to further expand its product portfolio.
“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,” BitOasis co-founder and CEO Ola Doudin said.
In 2023, VARA briefly suspended BitOasis’ license for not meeting mandated conditions within the timeframes set out by the authority.