BitOasis Gets Approval From Dubai’s New Crypto Regulator
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.
Apart from this, you can also read Entertainment, Tech, and Health-related articles here: Grimes net worth, Firefly Lane Season 2, Harnaaz Sandhu Net Worth, SmallPDF, Dramacool, Squid Game Season 2, Joe Biden net worth, Crackstream, The Matrix 4, Goku, Kung Fu Panda 4, Leonardo DiCaprio net worth, Diabolik Lovers Season 3, Twitch Error 2000, Alyson Hannigan, Brent Rivera net worth, Emma Watson net worth, 444 angel number, 666 angel number, 1616 angel number, 777 angel number, 333 angel number, Dave Portnoy net worth, Messi net worth, Keanu Reeves net worth, The Equalizer 3, The 100 Season 8, Gina Carano net worth, Bruno Mars net worth, KissAnime, Jim Carrey net worth, PDF Drive, Youtbe, Bailey Sarian Net Worth, Bollyshare, Afdah, Moviezwap, Y8, Jalshamoviez, Project Free TV, Kissasian, Mangago, Jio Rockers, M4uHD, Hip dips, M4ufree, NBAstreams XYZ, CCleaner Browser review, Avocado Calories, Bear Grylls net worth, Highest Paid CEO, The 100 season 8, Sundar Pichai net worth, and F95Zone.
To Read Our Exclusive Content, Sign up Now.
$5/Monthly, $50/Yearly