Dubai regulators grant BitOasis a full VASP license

CoinDCX’s BitOasis has been granted a full virtual asset service provider license from Dubai virtual asset regulators, two years after receiving a permit to operate.

Dubai-based crypto exchange BitOasis announced in a press release that it has received a new license in its home country after being acquired by Indian crypto exchange CoinDCX.

After meeting the relevant requirements during the evaluation process, the firm was granted a full virtual asset service provider or VASP license from the Dubai Virtual Assets Regulatory Authority. BitOasis said it plans to switch to operating under the new VASP license effective immediately.

Obtaining a full VASP license marks the final step for BitOasis to ensure that its VARA licensing process complies with all necessary requirements set by Dubai regulators.

After obtaining the license, the exchange plans to offer a wide range of crypto trading services, including buying, selling and trading of more than 60 cryptocurrencies equipped with UAE dirham and Saudi riyal trading pairs.

BitOasis Co-Founder and CEO Ola Doudin said the exchange plans to continue developing and improving its products to meet the changing needs of customers and seek additional approvals from VARA as well as other regulators to expand its product portfolio.

“Securing the full VASP License is not only a testament to our team’s commitment to regulatory compliance, but also reinforces our commitment to leading the industry with integrity and responsibility,” said Doudin.

In 2023, VARA suspended BitOasis’ Minimal Viable Product license, as previously reported by crypto.news, accusing the exchange of failing to meet necessary regulatory requirements.

BitOasis received its MVP license from VARA on April 12, allowing the company to offer broker-dealer services. However, VARA alleged that the firm failed to comply with some undisclosed requirements that must be met within 30 to 60 days of receiving the license.

Moreover, BitOasis became one of the first platforms to receive a temporary operating permit from VARA in 2022. The company started operations in 2016 and is headquartered in Dubai. BitOasis has processed more than $6.6 billion in transaction volume since its launch.