Dubai virtual asset regulators have awarded CoinDCX’s BitOasis a complete virtual asset service provider license.
Following its acquisition by the Indian cryptocurrency exchange CoinDCX, BitOasis, a Dubai-based exchange, revealed in a press statement that it has been granted a new license in its home jurisdiction.
After meeting the necessary criteria during the assessment process, Dubai’s Virtual Assets Regulatory Authority gave the company a full virtual asset service provider, or VASP, license.
According to BitOasis, it intends to use the new VASP license in the future. The last phase in BitOasis’ VARA licensing procedure to ensure it satisfies all the conditions set forth by Dubai regulators is obtaining a complete VASP license.
The exchange intends to provide a comprehensive range of cryptocurrency trading services following license acquisition, including the ability to buy, sell, and trade over 60 cryptocurrencies with trading pairs in Saudi riyals and UAE dirhams.
According to Ola Doudin, co-founder and CEO of BitOasis, the exchange intends to keep creating and enhancing its offerings to satisfy the changing demands of its customers and obtain further approvals from VARA and other authorities in order to broaden its range of products. Doudin 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”
BitOasis’ Minimal Viable Product license was suspended by VARA in 2023 after the exchange was accused of not meeting the required regulatory standards.
On April 12, BitOasis obtained the MVP license from VARA, which allowed the business to offer broker-dealer services.
However, according to VARA, the company needed to meet some unspecified conditions that were to be fulfilled within 30 to 60 days after being granted the license.
Additionally, in 2022, BitOasis was among the first platforms to obtain a temporary operating permit from VARA.
The company was founded in 2016, and its main office is in Dubai. BitOasis has handled over $6.6 billion in trade volume since its inception.
