Published: 31.03.2022
Article reading time:
2 minutes.
Dubai-based UAE-based cryptocurrency exchange Bitoasis has secured “prior approval” from the Virtual Assets Regulatory Authority (VARA).
Bitoasis has officially become a Virtual Asset Service Provider (VASP), about which informed on Twitter. VARA’s provisional license allows Bitoasis to continue its operations in Dubai and move on to the next step of obtaining a permanent license.
Bitoasis said that the company’s activities are fully compliant with the rules of the UAE Central Bank and that it provides all necessary reports on anti-money laundering (AML) procedures to the central bank’s financial intelligence unit. In October 2021, Dubai Police and BitOasis announced a partnership to train crypto investors in the ability to spot fraudulent schemes.
Founded in 2015, the Bitoasis platform is the first regulated cryptocurrency exchange to serve clients in the Gulf and the Middle East. The exchange allows users to buy, sell and store crypto assets. According to the company, Bitoasis services are available in the UAE, Saudi Arabia, Kuwait, Bahrain, Oman, Egypt, Jordan and Morocco, but withdrawals are only available in AED for banks in the UAE, Kuwait, Bahrain and Oman.
Within the first month of the adoption of the Dubai Cryptocurrency Regulatory Law, VARA has given the green light to work in the Middle East for several major crypto companies under the test-adapt-scale model of the virtual asset market.
This week, Bybit and Crypto.com exchanges announced that they plan to start operations in the emirate of Dubai. Bybit has notified users that it has “obtained approval in principle to operate a full range of virtual asset operations in Dubai,” while Crypto.com plans to open a regional hub office and conduct a massive recruitment campaign.
Earlier, the FTX cryptocurrency derivatives exchange and the Binance exchange announced their plans to expand activities in the Middle East.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.