- BitOasis obtains a full VASP license, enhancing its MENA activities.
- CoinDCX acquires BitOasis, strengthening its presence in the MENA region.
Virtual asset-leading platform BitOasis has won the Virtual Asset Service Provider definitive license offered by Dubai’s Virtual Assets Regulatory Authority. This would be a step from onboarding under a provisional license from VARA back in 2022, followed then by winning an MVP license at the turn of 2023- this makes a march forward for BitOasis that might give room for operations under the wings of such regulation.
BitOasis worked diligently in 2023 to meet the tight standards set by VARA to service institutional investors and qualified retail clients. Because the company followed the rule, it obtained a full VASP license, allowing BitOasis to service retail, institutional, and qualified investors within the region. According to Ola Doudin, Co-founder and CEO, We are proud of this accomplishment and of the platform’s commitment to honesty and responsibility in the virtual assets industry.
CoinDCX Expands into MENA Through Acquisition of BitOasis
One of India’s largest cryptocurrency exchanges, CoinDCX invested in BitOasis during August 2023 to increase the services they were offering. The company has finalized the acquisition of BitOasis as of July 2024 and thus enters the MENA region for the first time. It plans to utilize the existing licenses and market systems that already have approval in the UAE and Bahrain through BitOasis.
With all these, BitOasis would be able to offer services and products across more areas to become a top virtual asset platform in the region that comprises the MENA. Given this fully- obtained VASP license, BitOasis is ready for more action and enters this fast-growing digital asset market within the region.
Operations at BitOasis commenced in 2016 with having acquired investment in the company for a value higher than $40 million by major investors such are Jump Capital and Pantera Capital among others, thereby being among the biggest in the cryptocurrency markets.
BitOasis allows its customers to trade over 60 cryptocurrencies with local currencies, such as the UAE dirham and Saudi riyal, in the MENA region, including Egypt, Lebanon, Kuwait, and others.
