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 it secured an operating permit.

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

The firm was granted a full virtual asset service provider or VASP license from Dubai’s Virtual Assets Regulatory Authority after fulfilling the relevant requirements through the evaluation process. BitOasis said that it plans to transition to operating under the new VASP license effective immediately.

Receiving a full VASP license marks the final step for BitOasis’ VARA licensing process to ensure that it complies with all the necessary requirements laid out by Dubai regulators.

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

Co-Founder and CEO of BitOasis, Ola Doudin said that the exchange plans to continue developing and improving its products to meet the evolving needs of the clients and secure 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 dedication to regulatory compliance but also reinforces our resolve to lead the industry with integrity and accountability,” said Doudin.

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

BitOasis received the MVP license from VARA on April 12, enabling the company to provide broker-dealer services. However, VARA alleged the firm did not comply to certain undisclosed requirements that were supposed to be met within 30 to 60 days upon receiving the license.

Moreover, BitOasis was one of the first platforms to secure a provisional operating permit from VARA in 2022. The firm was launched in 2016 and has a headquarters located in Dubai. Since its launch, BitOasis has processed more than $6.6 billion in trading volume.