CoinDCX’s BitOasis receives full crypto license in Dubai

Dubai-based cryptocurrency trading platform BitOasis has secured a new license in its home jurisdiction after being acquired by the Indian crypto exchange CoinDCX.

BitOasis has received a full virtual asset service provider (VASP) License from Dubai’s Virtual Assets Regulatory Authority (VARA), the firm announced on Dec. 9.

The acquisition of the VASP license marks the final step in BitOasis’ VARA licensing process, targeting a range of crypto trading services, including buying, selling and trading.

The firm plans to seamlessly transition to operating under its new VASP license with immediate effect following cooperation and ensuring compliance with Dubai authorities.

BitOasis first received provisional approval in 2022

BitOasis’ latest regulatory milestone in Dubai builds on the foundation of solid cooperation with market regulators in the United Arab Emirates.

The crypto trading firm was among the first platforms to secure a provisional operating permit from Dubai’s VARA shortly after the regulator was formed and new crypto laws were established in 2022.

The new license enables BitOasis to enhance the current services it provides to retail, institutional and qualified investors. It also lays the background for further work to secure additional approvals from VARA and other regulators to further expand its product portfolio.

“Securing the full VASP License is not only a testament to our team’s dedication to regulatory compliance but also reinforces our resolve to lead the industry with integrity and accountability,” BitOasis co-founder and CEO Ola Doudin said.

In 2023, VARA briefly suspended BitOasis’ license for not meeting mandated conditions within the timeframes set out by the authority.

India’s CoinDCX acquired BitOasis in July 2024

Launched in 2015, BitOasis is a pioneer in the region’s cryptocurrency ecosystem and is closely focused on servicing crypto investors in the Middle East and North Africa (MENA) region.

In July, CoinDCX — a major crypto exchange in India — acquired BitOasis in an undisclosed deal. The acquisition marked CoinDCX’s first step into the MENA market. CoinDCX’s self-custodial wallet Okto also received a license from the Ras Al Khaimah Digital Assets Oasis in the UAE in August 2024.

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According to its website, BitOasis currently allows users to buy, sell and trade more than 60 cryptocurrencies using the UAE dirham and Saudi riyal.

Supported countries and available services on BitOasis. Source: BitOasis

BitOasis serves clients in UAE, Saudi Arabia, Bahrain, Kuwait, Qatar, Jordan, Egypt, Lebanon, Tunisia, Algeria, Morocco, Iraq and Libya.

Cointelegraph reached out to BitOasis for comments regarding its new VARA license but did not receive a response by the time of publication.

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