As the UAE aspires to become a center for the virtual asset industry, BitOasis, a Middle East-focused crypto exchange based in Dubai, has acquired provisional approval from Dubai’s new crypto regulator.
Dubai, one of the United Arab Emirates’ seven emirates and the region’s commerce hub, enacted its first law controlling digital assets earlier this month. To regulate the sector, it established the Virtual Asset Regulatory Authority (VARA).
Binance, the world’s largest cryptocurrency exchange, and FTX Europe, which will establish a regional headquarters in Dubai, received virtual asset licenses this month. Bybit and Crypto.com, two global exchanges, announced this week that they are beginning operations in the country, reports Reuters.
BitOasis, which was created in Dubai in 2015 and served English and Arabic-speaking consumers in the Gulf and Middle East, said it will continue to operate in Dubai while applying for a full VARA license.
BitOasis had been registered with the central bank and reported anti-money laundering risks to the bank’s financial intelligence unit before coming under VARA, according to the company.
As regional economic competition heats up, the UAE has been working to strengthen the virtual asset industry and regulations in order to attract new business forms.
Regulators throughout the world are concerned about the impact of a crypto asset catastrophe – markets that are highly volatile and still opaque – on the broader financial industry, and there is a global movement to regulate the sector.
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