• BitOasis has acquired a full VASP license from VARA. 
  • CoinDCX acquired BitOasis by July 2024, expanding into MENA.

BitOasis, a prominent virtual assets platform in the Middle East and North Africa (MENA), has secured a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). 

The operational license journey began with a provisional permit granted in 2022, after VARA’s establishment. This allowed BitOasis to begin its operations under regulatory oversight. However, the platform received a Minimum Viable Product (MVP) license in May 2023, which limited its activities to smaller-scale operations. The MVP license was also temporarily put on hold.

The platform concentrated on meeting the standards set by VARA , throughout mid-2023, especially by equipping institutional investors and eligible retail clients. The persistent compliance and regulatory orientation led to the full VASP license granting. 

Co-founder and CEO of BitOasis, Ola Doudin stated: 

“This is a very significant moment for BitOasis and the broader virtual assets community in the region. 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. We are grateful to VARA for their guidance and support throughout this process.”

CoinDCX’s Partnership and Acquisition 

CoinDCX, a leading cryptocurrency exchange in India, invested in BitOasis, in August 2023. This partnership provided the capital to enhance its services and expand its market. 

By July 2024, CoinDCX has completed the acquisition of BitOasis, the exchange’s first remarkable international expansion into the MENA market. This solidifies CoinDCX’s presence in that region, as BitOasis was already licensed in the UAE and Bahrain. This acquisition also enabled CoinDCX to leverage regulatory approvals and market infrastructure to get established in the region.

Moreover, BitOasis can enhance its services across retail, institutional, and qualified investor sectors with the full VASP license. In addition, the platform aims to expand its products and services.

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