BitOasis, a crypto exchange based in the United Arab Emirates, has become the first broker-dealer to receive an operational license from Dubai’s Virtual Asset Regulatory Authority (VARA), the company announced on Monday.
The license enables the company to provide broker-dealer services to qualified retail and institutional investors in the emirate under VARA’s regulatory framework.
Dubai’s VARA was established in March 2022 to regulate the growing virtual asset sector in the emirate, as the United Arab Emirates aims to position itself as a global hub for the industry.
VARA licenses firms in stages, with BitOasis receiving provisional approval to begin the licensing process in March 2022.
According to VARA’s website, no company has yet been licensed under the full market product (FMP) stage. BitOasis completed the minimum viable product (MVP) stage, which led to the grant of its broker-dealer license.
In a statement, BitOasis said the license would allow it to serve qualified retail and institutional investors from its Dubai headquarters.
VARA CEO Henson Orser said the regulator’s ecosystem aims to balance value creation, risk mitigation, and enhanced investment opportunities while prioritizing consumer protection.
The move marks another milestone for BitOasis, which has been expanding its presence in the Middle East’s growing crypto market. The exchange is also actively working with the UAE Central Bank to explore the possibility of issuing a central bank digital currency (CBDC).
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