Crypto exchange BitOasis wins 1st ‘MVP’ license in Dubai

Based in the UAE, BitOasis has become the first cryptocurrency exchange platform to receive a license of ‘minimum viable productfrom the Dubai regulator VARA.

This Monday, BitOasis announced that the regulatory body Virtual Asset Regulatory Authority had granted him a operational license of ‘minimum viable product’. (MVP). This next step in the VARA regulatory process allows the company to offer services on digital assets from Dubai to qualified and institutional investors.

“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.

Founded in Dubai in 2016 and supported by DCG and Pantera Capital, among others, BitOasis offers trading services on about 50 tokens such as Bitcoin and fiat currencies such as the UAE dirham or the Saudi riyal.

The VARA ecosystem aims to strike a balance between creating value, mitigating risk and enhancing investment opportunities with consumer protection at its core. BitOasis has demonstrated a strong commitment to operating with a firm regulatory bias throughout the licensing process,” commented Henson Orser, VARA’s director.

Middle East’s Manhattan regulator licenses crypto platforms across several phases.

BitOasiswhich received provisional approval last year, is now the first to reach the ‘minimum viable product’ (MVP) stage. No company has yet obtained a license at the full market product’ (FMP)reports Reuters.

Last March, the Singaporean exchange Crypto.com announced that it was entering the preparatory phase of the VARA program.

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