BitOasis secures full crypto license in Dubai for trading

BitOasis, a cryptocurrency trading platform based in Dubai, has successfully obtained a full virtual asset service provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). 

This announcement was made on December 9, marking a significant milestone for the company following its acquisition by Indian crypto exchange CoinDCX.

The new license allows BitOasis to offer a comprehensive range of crypto trading services, including buying, selling, and trading cryptocurrencies. 

The firm plans to begin operations under this license immediately after ensuring compliance with Dubai’s regulatory requirements.

BitOasis originally received provisional approval in 2022, becoming one of the first platforms to secure such a permit after VARA was established and new crypto regulations were introduced.

The full VASP license enhances BitOasis’ ability to serve retail, institutional, and qualified investors, while also paving the way for future regulatory approvals from VARA and other authorities.

A spokesperson for BitOasis stated, “While the license does not allow BitOasis to conduct any new activities, it enables BitOasis to enhance its existing products and features.” 

This positioning is expected to facilitate the company’s efforts to obtain additional licenses in the upcoming year.

Previously, BitOasis had faced regulatory challenges; VARA briefly suspended its license in 2023 due to unmet conditions.

Founded in 2015, BitOasis is recognized as a pioneer in the Middle East and North Africa (MENA) cryptocurrency ecosystem. 

In July 2024, CoinDCX acquired BitOasis as part of its strategy to enter the MENA market. 

Additionally, CoinDCX’s self-custodial wallet Okto received a separate license from the Ras Al Khaimah Digital Assets Oasis in August.

Currently, BitOasis enables users to trade over 60 cryptocurrencies using local currencies such as the UAE dirham and Saudi riyal. 

The platform serves clients across several countries in the region, including Saudi Arabia, Bahrain, Kuwait, Qatar, Jordan, Egypt, Lebanon, Tunisia, Algeria, Morocco, Iraq, and Libya.