BitOasis Secures Provisional Approval from Dubai’s Crypto Regulator VARA
- BitOasis receives provisional approval from Dubai’s new crypto regulator – VARA.
- The decision follows the United Arab Emirates’ push to become the center for the virtual asset sector.
- This news follows prominent companies receiving licenses in Dubai and setting up regional headquarters – such as Binance, FTX Europe, Bybit, and Crypto.com
BitOasis has received provisional approval from Dubai’s new crypto regulator – the Virtual Asset Regulatory Authority (VARA). The decision follows the United Arab Emirates’ push to become a center for the virtual asset sector.
According to Helal Saeed Almarri, Director-General of the Dubai World Trade Centre Authority – “Building strong foundations for the global future economy, VARA is pleased to facilitate the onboarding of BitOasis into our ecosystem.”
We value the new sector-knowledge and experience-driven learning that BitOasis brings as a platform that has been built in and from Dubai and scaled successfully across the region.
Almarri adds that even as BitOasis works through specialized VARA licensing, they want to ensure they are able to service their existing business “in so far as they are appropriately licensed by the relevant UAE authorities.”
Meanwhile, BitOasis Co-Founder and Chief Executive Officer of BitOasis Ola Doudin said they would continue to offer customers a platform that would suit their local needs. “We will continue to strive to offer our customers the most customized platform for their local needs in accordance with regulations that will best protect them both now and as the industry evolves,” said Doudin.
In March, Dubai issued its first law governing digital assets and formed VARA to oversee the sector. VARA serves as a single custodial entity that licenses and governs the burgeoning cryptocurrency sector in Dubai. This includes all mainland and free zones; however, it excludes autonomous Financial Free Zones at the Dubai International Financial Centre.
BitOasis was founded in 2015 in Dubai, serving English and Arabic-speaking customers in both the Gulf and the Middle East. Prior to being licensed by VARA, BitOasis was registered with the central bank, reporting on anti-money laundering issues to the bank’s financial intelligence unit.
As the United Arab Emirates’ cryptocurrency ecosystem grows, more companies have been flocking to the region. This March, both Crypto.com and Bybit have announced the set up of regional offices in Dubai. Similarly, Binance and FTX Europe were also granted licenses and would likewise set up regional headquarters in the city.