VARA has issued two warnings that it is checking BitOasis and suspending the license. The fact is that the license was issued by the regulator back in March 2022, and on April 12 of this year it was extended. However, the exchange was required to comply with additional requirements within 30-60 days. However, according to VARA, these requirements were not met.
The regulator did not say exactly what conditions the BitOasis exchange did not fulfill. However, until the requirements are met, the license will remain invalid.
VARA practices a gradual transition to licensing companies, so there are different levels of licenses. To obtain a “Full Market Product” (FMP) license, you must obtain all the previous ones. BitOasis had a “Minimum Viable Product” license. The regulator has not yet issued a single FMP license to anyone.
Dubai officials vow to continue to “monitor the compliance situation.” Earlier, Bits.Media published an article with a detailed breakdown of the regulation of cryptocurrencies in Dubai and the UAE.
Source: Bits
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