BitOasis, a UAE-based Virtual Asset Service Provider (VASP), said on Wednesday it has received provisional approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to continue its business operations in Dubai.
In the meantime, the company said it will undertake the process of applying for a license in accordance with the VARA requirements.
Dubai VARA will serve as the single custodial entity mandated to license and govern the cyrptocurrency sector in Dubai, including all mainland and free zones, excluding autonomous Financial Free Zone — Dubai International Financial Centre.
Founded and headquartered in Dubai since 2015, BitOasis has over 100 full time employees based in its Dubai headquarters and some 60 employees based across its network of offices in Abu Dhabi, Amman, Istanbul and Riyadh.
The company operates a virtual asset platform serving English and Arabic speaking audiences across the GCC and wider MENA region.
To date, the company has transacted over $4bn in virtual asset transactions on its platform, with approximately $1.7bn being transacted in 2021.
BitOasis said it will share experience-based insights on UAE specific operational, AML and CFT practices with VARA to assist in the development of the new VASP regulatory framework.
Helal Saeed Almarri, Director General of the Dubai World Trade Centre Authority, that houses VARA said, “As an authority that is committed to nurturing UAE’s home-grown enterprises, and building strong foundations for the global future economy, the VARA is pleased to facilitate the onboarding of BitOasis into our ecosystem.”
BitOasis co-founder and CEO, Ola Doudin said: “Dubai is our home and we are excited to be working with the world’s first specialized regulator for the VA sector. Dubai and the United Arab Emirates is a diverse market with citizens and expatriates from many corners of the world – we will continue to strive to offer our customers the most customized platform for their local needs.”