UAE-Based Crypto Exchange Bitoasis Obtains Provisional Approval From Dubai’s New Regulator – Bitcoin News

A major cryptocurrency exchange in the UAE, Bitoasis, has obtained provisional approval from Dubai’s new cryptocurrency regulator. The regulator also gave green light to Binance and FTX.

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 approved its first regulation of the cryptocurrency sector in March and created the VARA to manage the sector.

Bitoasis will be able to carry on its Dubai business while Bitoasis goes through a detailed process to acquire a full license.

Bitoasis, the world’s first VASP (virtual asset service provider) is based in Dubai. It serves clients in the Middle East, 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 was the general director of Dubai World Trade Centre Authority which hosts the VARA.

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.”

Global exchanges Bybit, Crypto.com and others announced this week that they will be opening offices 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.

What do you think about Bitoasis obtaining a provisional license from Dubai’s new cryptocurrency regulator? Comment below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.