Dubai-based cryptocurrency trading platform BitOasis secured a new license in its home jurisdiction after being acquired by Indian crypto exchange CoinDCX.
BitOasis received a full virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), the firm announced on Dec. 9.
The acquisition of the full license marked the final step in BitOasis’ VARA licensing process, allowing it to offer a full range of crypto trading services, including buying, selling and trading.
The firm plans to transition to operating under the license with immediate effect, following its cooperation and compliance with Dubai authorities.
BitOasis first received provisional approval in 2022
BitOasis’ latest regulatory milestone in Dubai builds on a foundation of cooperation with market regulators in the United Arab Emirates.
The crypto trading firm was among the first platforms to secure a provisional operating permit from Dubai’s VARA, shortly after the regulator was formed and new crypto laws were established in 2022.
The full license enables BitOasis to enhance its current services to retail, institutional and qualified investors. It also lays a foundation for further work to secure additional approvals from VARA and other regulators to continue expanding its product portfolio.
“While the license does not allow BitOasis to conduct any new activities, it enables BitOasis to enhance its existing products and features, and it positions the company well when it comes to securing additional licenses and approvals from VARA in the coming year,” a spokesperson for BitOasis told Cointelegraph.
BitOasis’ past regulatory approvals in Dubai and Bahrain have allowed the company to provide virtual assets broker-dealer services to its users, the representative noted.
In 2023, VARA briefly suspended BitOasis’ license for not meeting mandated conditions within the timeframes set out by the authority.
India’s CoinDCX acquired BitOasis in July 2024
Launched in 2015, BitOasis is a pioneer in the region’s cryptocurrency ecosystem and is focused on servicing crypto investors in the Middle East and North Africa (MENA) region.
In July, CoinDCX — a major crypto exchange in India — acquired BitOasis, marking its first step into the MENA market. CoinDCX’s self-custodial wallet Okto also received a license from the Ras Al Khaimah Digital Assets Oasis in the UAE in August.
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According to its website, BitOasis currently allows users to buy, sell and trade more than 60 cryptocurrencies using the UAE dirham and Saudi riyal.
Supported countries and available services on BitOasis. Source: BitOasis
BitOasis serves clients in UAE, Saudi Arabia, Bahrain, Kuwait, Qatar, Jordan, Egypt, Lebanon, Tunisia, Algeria, Morocco, Iraq and Libya.
Cointelegraph reached out to BitOasis for comment regarding its new VARA license but did not receive a response by the time of publication.
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