Dubai’s Virtual Asset Regulatory Authority (VARA) has awarded the first broker-dealer minimum viable product (MVP) operational license to BitOasis, a UAE-based cryptocurrency exchange focused on the Middle East.
BitOasis’ history of regulatory compliance
BitOasis has demonstrated a long-standing commitment to collaborating proactively with regulators in the UAE. In 2021, the exchange became the first crypto platform in the UAE to register with the country’s Financial Intelligence Unit (Go-AML platform).
Ola Doudin, the founder and CEO of BitOasis, stated that obtaining the first operating license for a virtual asset trading platform under the MVP program is a significant milestone.
Doudin noted that since BitOasis’ launch in 2016, Dubai had remained its headquarters. The platform is dedicated to complying with laws, regulations, and best practices in Dubai and the broader region.
Navigating the stages of VARA licensing
Established in March 2022, VARA oversees Dubai’s rapidly growing virtual asset sector as the United Arab Emirates aims to become a global industry hub. The regulator issues licenses in various stages, and BitOasis is the first broker-dealer to complete the MVP stage after receiving provisional approval to initiate the licensing process in March 2022. As per VARA’s website, no firm has yet reached the full market product (FMP) stage.
Now operating within VARA’s regulatory guidelines, BitOasis can provide broker-dealer services to qualified retail and institutional investors from its Dubai base, as announced in a company press release.
VARA CEO Henson Orser highlighted the regulator’s commitment to striking a balance between value creation, risk management, and expanded investment opportunities while focusing on consumer protection.