A major cryptocurrency exchange in the United Arab Emirates, Bitoasis, has won tentative approval from Dubai’s new cryptocurrency regulator. Binance and FTX have also received the green light from the regulator.
Bitoasis Pursues License With New Dubai Crypto Regulator
Bitoasis, a leading crypto exchange founded and based in Dubai, announced on Wednesday that it had received “provisional approval” from Dubai’s new crypto regulator, the Virtual Assets Regulatory Authority (VARA).
Dubai passed its first law to regulate the crypto industry earlier this month and established VARA to oversee the sector.
The provisional license allows Bitoasis to continue its business activities in Dubai while undergoing a thorough process to obtain a full license.
Bitoasis is the first Virtual Asset Service Provider (VASP) to operate from Dubai. The platform serves customers from the Gulf and the Middle East. The company explained that it is registered with the central bank and reports anti-money laundering (AML) issues to the bank’s financial intelligence unit.
Helal Saeed Almarri, Managing Director of the Dubai World Trade Center Authority which houses VARA, said:
As an authority committed to supporting local UAE businesses and building a strong foundation for the future global economy, VARA is pleased to facilitate the integration of Bitoasis into our ecosystem.
Since its inception, VARA has given Binance and FTX Europe the green light “to operate in Dubai’s ‘test-adap-scale’ virtual asset market model as a base for expansion in the region.”
Additionally, this week, global exchanges Bybit and Crypto.com announced plans to establish operations in Dubai. Bybit said it “received approval in principle to conduct a full range of virtual asset businesses in Dubai”, while Crypto.com is planning a major recruitment campaign in the coming months.
What do you think of Bitoasis getting a provisional license from Dubai’s new cryptocurrency regulator? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.