Dubai’s VARA Grants VASP Licence to BitOasis

BitOasis, the Middle East and North Africa’s (MENA) leading regional virtual assets broker-dealer trading platform, on Monday said that it has received a full Virtual Asset Service Provider (VASP) License from Dubai’s Virtual Assets Regulatory Authority (VARA), following the company satisfying all relevant regulatory conditions and requirements.

BitOasis, which was acquired by India’s CoinDCX in July this year, said that it will seamlessly transition to operating under its new license with immediate effect.

Securing the full VASP License marks the final step in VARA’s licensing process for the platform’s current activities, and represents a major milestone in BitOasis’ journey, opening a new chapter in the company’s work with VARA, the world’s first dedicated virtual assets regulator.

As a home-grown industry pioneer, BitOasis was among the first platforms to secure a provisional operating permit from VARA shortly after the regulator’s launch in 2022.

Ola Doudin, Co-Founder and CEO of BitOasis, said that this has been a very significant moment for BitOasis and the broader virtual assets community in the region. Securing the full VASP License is not only a testament to their team’s dedication to regulatory compliance but also reinforces their resolve to lead the industry with integrity and accountability.

“We are grateful to VARA for their guidance and support throughout this process. We are excited to continue our growth and further enhance our products to meet the rapidly evolving needs of our clients,” Doudin added.

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Securing the new license will enable BitOasis to further enhance its current services provided to retail, institutional and qualified investors, and to work to secure additional approvals from VARA and other regulators to further expand its product portfolio.

Looking ahead, BitOasis will remain unwavering in its commitment to leading the virtual asset revolution in the region by example as one of the few homegrown Virtual Asset Service Providers of Dubai. Working closely with regulators, public sector stakeholders, and its community, BitOasis will remain at the forefront of building trust in virtual assets and the digital economy, ensuring that it continues to serve as a trusted partner for individuals and businesses navigating the rapidly growing and dynamically evolving virtual assets landscape.