BitOasis, which was acquired by Indian exchange CoinDCX back in July, has now secured a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
This comes after the company fulfilled its regulatory conditions and requirements. With immediate effect, BitOasis said it will begin to operate under its new license.
The license allows BitOasis to offer products to retail, institutional, and qualified investors while pursuing additional approvals from VARA and other authorities to expand its portfolio.
“This is a very significant moment for BitOasis and the broader virtual assets community in the region,” said Ola Doudin, co-founder and CEO of BitOasis, in a statement.
Dubai’s VARA Imposes Fines
Since October VARA has implemented strict marketing rules for virtual assets. These regulations apply to both Dubai-based entities and foreign companies targeting Dubai residents. Designed to eliminate misleading information, the rules target transparency and fairness in marketing practices.
VARA is Dubai’s dedicated virtual assets regulator. They recently issued cease-and-desist orders and fined seven entities for operating without proper licenses and violating marketing rules.
At a recent panel discussion during Korea Blockchain Week (KBW2024) Binance CEO Richard Teng praised Dubai and its regulatory framework for digital assets.
BitOasis Acquired by Indian Exchange CoinDCX
In July, CoinDCX, India’s leading cryptocurrency exchange acquired BitOasis. This move marked CoinDCX’s first international expansion.
At the time CoinDCX, based in Bengaluru, said that BitOasis’s team would join CoinDCX while retaining its branding and leadership. BitOasis, headquartered in Dubai, has raised over $40 million in funding over its eight-year history.
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