A major cryptocurrency exchange in the UAE, Bitoasis, has obtained provisional approval from Dubai’s new cryptocurrency regulator. Binance and FTX have also been green-lighted by the regulator.
Bitoasis Pursuing License From Dubai’s New Crypto Regulator
Bitoasis, a major crypto exchange founded and headquartered in Dubai, announced Wednesday that it has received “provisional approval” from Dubai’s new crypto regulator, the Virtual Assets Regulatory Authority (VARA).
Dubai adopted its first law to regulate the crypto sector earlier this month and established the VARA to oversee the sector.
The provisional license allows Bitoasis to continue its business operations in Dubai while undergoing an in-depth process to obtain a full license.
Bitoasis is the first virtual asset service provider (VASP) to operate from Dubai. The platform serves customers in the Gulf and Middle East. The company explained that it is registered with the central bank and is reporting anti-money laundering (AML) issues to the bank’s financial intelligence unit.
Helal Saeed Almarri, director general of the Dubai World Trade Centre Authority that houses the VARA, commented:
As an authority that is committed to nurturing UAE’s home-grown enterprises, and building strong foundations for the global future economy, the VARA is pleased to facilitate the onboarding of Bitoasis into our ecosystem.
Since its inception, the VARA has green-lighted Binance and FTX Europe “to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model as a base for expansion into the region.”
In addition, this week, global exchanges Bybit and Crypto.com said they plan to establish operations in Dubai. Bybit said it has “received in-principle approval to conduct a full spectrum of virtual assets business in Dubai” while Crypto.com is planning a substantial recruitment drive in the coming months.