BitOasis secures a full VASP license from Dubai’s VARA, enabling it to serve retail and institutional investors while expanding its virtual asset offerings.
According to BitOasis, it will start using its new license right now.
Dubai’s Virtual Assets Regulatory Authority (VARA) has granted BitOasis, which was purchased by the Indian exchange CoinDCX in July, a complete Virtual Asset Service Provider (VASP) license.
This occurs after the business complies with all applicable regulations. The platform stated that it will start using its new license immediately.
While seeking further permissions from VARA and other authorities to broaden its portfolio, BitOasis can offer products to retail, institutional, and qualified investors thanks to the license.
In a statement, BitOasis co-founder and CEO Ola Doudin said, “This is a very significant moment for the platform and the broader virtual assets community in the region.”
Dubai’s VARA imposes fines.
VARA has enforced stringent marketing guidelines for virtual assets since October. Both overseas businesses aiming to reach Dubai residents and corporations based in Dubai are subject to these rules. The regulations focus on fairness and transparency in marketing strategies and seek to eradicate false information.
The regulatory body for virtual assets in Dubai is called VARA. They recently punished seven organizations and issued cease-and-desist orders for operating without the required permits and breaking marketing regulations.
During a recent panel discussion during Korea Blockchain Week (KBW2024), Binance CEO Richard Teng commended Dubai and its digital asset regulatory framework.
Indian Exchange CoinDCX Acquires BitOasis
In July, the platform was purchased by CoinDCX, the top cryptocurrency exchange in India. With this action, CoinDCX expanded internationally for the first time.
The Bengaluru-based CoinDCX then announced that the platform’s team would join CoinDCX while maintaining its leadership and branding. In its eight years of operation, BitOasis, which has its headquarters in Dubai, has raised more than $40 million in funding.