Dubai-based cryptocurrency exchange BitOasis, now a subsidiary of Indian crypto platform CoinDCX, has successfully secured a full Virtual Asset Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA). This milestone, announced on December 9, 2024, marks the final step in BitOasis’ licensing journey, allowing the company to offer a comprehensive range of crypto trading services, including buying, selling, and trading digital assets.
BitOasis plans to immediately transition to operating under the full license, following its continued compliance and collaboration with Dubai’s regulatory framework.
Progress Since 2022
BitOasis’ achievement builds on its earlier success, having been among the first platforms to receive provisional approval from VARA in 2022, shortly after the regulatory body’s establishment. This full license now positions the company to expand its services for retail, institutional, and qualified investors, while laying the groundwork for additional approvals and product innovations.
A spokesperson for BitOasis stated, “While the license does not permit new activities, it allows us to refine and enhance our current offerings, setting the stage for broader licensing and product expansion in the coming year.”
Past Challenges
Despite this progress, BitOasis faced regulatory challenges in 2023 when VARA temporarily suspended its license for failing to meet certain conditions within specified deadlines. However, the firm has since worked closely with regulators in Dubai and Bahrain to resume operations and secure its position as a leading virtual asset broker-dealer.
This development highlights BitOasis’ commitment to regulatory compliance and its growing role in Dubai’s rapidly expanding cryptocurrency ecosystem.
