BitOasis, a crypto exchange focused on the Middle East, announced on Monday that it has been granted the first broker-dealer minimum viable product operational license by Dubai’s Virtual Asset Regulatory Authority (VARA). The move comes as the United Arab Emirates strives to become a global hub for the virtual asset industry, and VARA was formed in March 2022 to regulate the emerging sector in the emirate.
Under VARA’s regulatory regime, BitOasis can now offer broker-dealer services to qualified retail and institutional investors from its headquarters in Dubai. The MVP stage is the first of a series of stages that VARA uses to license firms in the sector, and no firm has yet been licensed under the full market product (FMP) stage, according to VARA’s website.
BitOasis received provisional approval to start the licensing process in March 2022 and completed the MVP stage to become the first broker-dealer to do so. The company said in a statement that it is proud to be at the forefront of the regulatory framework in the region, and it looks forward to working closely with VARA to continue enhancing the regulatory environment for the benefit of the wider crypto ecosystem.
The move by VARA is seen as a significant step towards establishing Dubai as a global center for the crypto industry, and it reinforces the government’s commitment to providing a supportive regulatory environment for the sector. The CEO of VARA, Henson Orser, said that the regulatory framework is designed to balance value creation, risk mitigation, and enhanced investment opportunities with consumer protection at its core.