Bitoasis, a digital asset exchange serving customers in the Middle East and North Africa (MENA) region, has become the first crypto exchange to receive the Minimum Viable Product (MVP) broker operational license from VARA. The license will allow Bitoasis to expand its operations and offer more services and products to its customers.
BitOasis in Dubai, an important step!
Indeed, on Monday, BitOasis announced that it has been granted a ‘minimum viable product’ (MVP) operational license by the regulatory body Virtual Asset Regulatory Authority.
“The MVP operational license follows the provisional approval issued by VARA to BitOasis in March 2022 under which the company was allowed to continue operating its platform from Dubai while completing VARA’s rigorous licensing process. BitOasis is the first virtual asset brokerage and trading platform to receive an MVP operational license,” the exchange said in a statement.
Bitoasis CEO Ola Doudin welcomed the license, saying it was a significant milestone for the company and the crypto industry as a whole.
VARA, for its part, reiterated its commitment to regulating the crypto industry in Dubai and the entire MENA region. The authority said it will continue to work with digital asset exchanges and other stakeholders to create a regulatory framework that will foster innovation while ensuring customer protection.
As a reminder, founded in Dubai in 2016 and backed by DCG and Pantera Capital, among others, BitOasis offers trading services on around 50 tokens such as Bitcoin and fiat currencies such as the UAE dirham or the Saudi riyal.
