- BitOasis obtains a full VASP license, enhancing its MENA activities.
- CoinDCX acquires BitOasis, strengthening its presence in the MENA region.
As a seasoned crypto investor with roots deep in the MENA region, this recent development has me beaming with pride and anticipation. The news of BitOasis securing a full VASP license and CoinDCX’s acquisition of the platform is a testament to the strides our industry is making towards mainstream adoption.
As a researcher, I’m excited to report that I’ve been following the progress of BitOasis, a pioneering platform in the virtual asset sector. Recently, BitOasis has secured the Virtual Asset Service Provider final license from Dubai’s Virtual Assets Regulatory Authority (VARA). This is a significant step forward for BitOasis, having initially onboarded under a provisional license from VARA in 2022, and subsequently winning an MVP license at the start of 2023. These milestones signify that BitOasis is now able to operate under the regulatory oversight of VARA, which bodes well for its future growth and stability within the digital asset industry.
In 2023, BitOasis put in a great deal of effort to adhere to the stringent guidelines established by VARA for servicing institutional investors and eligible retail clients. By doing so, they were granted a complete Virtual Asset Service Provider (VASP) license, enabling them to serve retail, institutional, and qualified investors within the region. As stated by Ola Doudin, Co-founder and CEO, we are proud of this achievement and of our platform’s dedication to integrity and responsibility in the virtual assets sector.
CoinDCX Expands into MENA Through Acquisition of BitOasis
In August 2023, one of India’s leading cryptocurrency platforms, CoinDCX, made an investment in BitOasis to expand their services. By July 2024, they had completed the acquisition of BitOasis, marking their entry into the MENA region for the first time. They intend to leverage the existing licenses and market systems that have been approved in the UAE and Bahrain through BitOasis.
Obtaining the VASP (Virtual Asset Service Provider) license allows BitOasis to expand its services and products across various regions, positioning itself as a leading virtual asset platform in the MENA (Middle East and North Africa). Now fully licensed, BitOasis is poised and eager to take on more opportunities within the rapidly expanding digital asset market of this region.
BitOasis’s operations began in 2016, attracting investment exceeding $40 million from prominent investors like Jump Capital and Pantera Capital, placing it amongst the largest players in the rapidly expanding cryptocurrency sector.
BitOasis facilitates trading of more than 60 cryptocurrencies against regional currencies like the United Arab Emirates Dirham and Saudi Riyal. This service is available across various countries in the Middle East and North Africa (MENA) region, including Egypt, Lebanon, Kuwait, among others.
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2024-12-12 21:57