Cryptocurrency exchange BitOasis will be registered with GoAML, the reporting platform of the UAE Financial Intelligence Unit or UAE FIU, local reports have said.
The Executive Office of Anti-Money Laundering and Counter Terrorism Financing — or AML/CTF — has welcomed the confirmation, said the local reports.
According to its website, BitOasis offers over 15 digital assets to buy, sell, and trade against the UAE dirham.
The registration is expected to help add yet another layer of security for both fintech startups and the national economy.
The local reports quoted Hamid AlZaabi, director-general of AML/CTF, as saying that the announcement “falls directly in line with the vision of the UAE NEXT 50, which was set out last year by our national leadership to support fintech start-ups in growing their businesses with approved anti-money laundering and counter terrorism financing standards in line with the FATF recommendations.”
Ali Baalawi, director of UAE FIU, was quoted by the reports as saying: “As a strategic step, this decision will ensure that homegrown fintech startups are able to meet compliance requirements as set out by the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations (NAMLCFTC).”