UAE’s First Crypto Broker to Receive Full License from Dubai – CryptoNinjas

Key Takeaways:

• CoinDCX’s acquisition of BitOasis highlights growing global attention on the MENA crypto market.
• The UAE is positioning itself as one of the major jurisdictions for crypto activities, gaining international interest.
• Strong regulation and strategic partnerships are driving trust and growth within the regional crypto ecosystem.

BitOasis’s Journey from MVP License to Full Operational License

The country’s first domestic crypto brokerage, BitOasis, reportedly achieved a feat by becoming fully licensed to operate as a Virtual Asset Service Provider via Dubai’s Virtual Assets Regulatory Authority. According to its website, VARA granted permission for onshoring BitOasis Technologies FZE in Dubai Silicon Oasis to conduct certain activities and types of products, including brokerage services.

This achievement is a result of relentless effort that has been put in by BitOasis for quite a while. In May 2023, BitOasis was granted an MVP license, enabling only small-scale operations. However, this very license was temporarily suspended. Throughout July 2023, BitOasis engaged in hard work to meet the requirements for its license reinstatement, particularly focusing on serving institutional investors and eligible retail investors. Their persistence paid off eventually with the full operational license.

A Notable Event: CoinDCX’s Acquisition of BitOasis to Enter the MENA Market

In August 2023, the investment came for BitOasis from India’s CoinDCX crypto exchange. Ola Doudin, Co-founder and CEO of BitOasis, said, “We are very excited to partner with CoinDCX, India’s leading crypto platform. This investment allows us to enhance our current products and expand into other markets. We’re excited about the opportunities this funding unlocks.”

BitOasis was acquired by CoinDCX

Later, in July 2024, BitOasis was acquired by CoinDCX. The sale marked the first international expansion for CoinDCX, trying to reach into the thriving market of MENA. Owning BitOasis gave it a strong foothold, as it already had licensing to operate in the UAE and Bahrain, placing CoinDCX in a better strategic position to grow in the MENA region.

Comparison of CoinDCX and BitOasis before Merger:

More…