Key Takeaways
- The VASP license enables BitOasis to provide a wide range of crypto services, including the trading of over 60 digital assets
- Indian crypto exchange CoinDCX recently acquired BitOasis
Crypto exchange BitOasis has officially been granted a full Virtual Asset Service Provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA).
The VASP license allows BitOasis to provide a wide range of crypto services, including the trading of over 60 digital assets, with support for UAE dirham and Saudi riyal trading pairs. This move positions the exchange to better serve the region’s growing demand for digital asset trading.
Ola Doudin, co-founder and CEO of BitOasis, described the license as a testament to the exchange’s commitment to regulatory compliance. “Securing the full VASP license reinforces our resolve to lead the industry with integrity and accountability,” she stated, adding that the company will continue to enhance its offerings to meet client needs and pursue further regulatory approvals.
The approval follows a period of regulatory challenges for BitOasis. In 2023, VARA suspended the exchange’s Minimal Viable Product (MVP) license due to non-compliance with certain conditions within the stipulated timeframe. The MVP license, granted in April 2023, had allowed BitOasis to operate as a broker-dealer. Despite this suspension, the exchange remained a key player in the market, having initially received a provisional operating permit from VARA in 2022.
BitOasis was launched in 2016 and has since processed more than $6.6 billion in trading volume, establishing itself as a significant entity in Dubai’s cryptocurrency sector.
This achievement coincides with BitOasis’ acquisition by the Indian crypto exchange CoinDCX. The partnership facilitated the company’s compliance with VARA’s requirements, allowing it to transition to the full VASP license. Under the new framework, BitOasis plans to discontinue its current licensing arrangement by mid-2024 and fully operate under the VASP designation.
