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Crypto Exchange BitOasis Gets Provisional Approval from UAE Crypto Regulator

BitOasis finds itself under the wing of the UAE’s new crypto regulator.

Bit Oasis

A middle-eastern focused crypto exchange by the name of BitOasis, which operates in the UAE, has received provisional approval from the country’s new crypto regulator. This news comes as the UAE pushes to become the center for the virtual asset sector.

One of the 7 Emirates, Dubai, as well as the region’s trade hub has issued its first law of governing digital assets this month. In addition, they’ve also formed the Virtual Asset Regulatory Authority, also known as VARA, and have tasked them to oversee the sector.

Furthermore, this month Binance, known as the largest crypto exchange in the world, was granted virtual asset licenses as well as FTX Europe, which is to set its regional HQ (headquarters) up in the city. Bybit and Crypto.com mentioned this week that they were also in the midst of establishing operations there.

Founded in Dubai back in 2015, BitOasis shall continue operations in Dubai as it applies for a full VARA license, as per the company. The middle-eastern focused crypto exchange serves English and Arabic-speaking customers in the Gulf as well as the middle east.

Before it found itself under VARA, the exchange was registered with the central bank, and was working on reporting on any anti-money laundering issues to the bank’s financial intelligence unit, as said by the company.

The UAE has been busy trying to actively develop the virtual asset sector as well as the regulation to attract new forms of business amid regional economic competition getting more fierce.

Regulators internationally worry about meltdowns and how one in crypto assets–which are markets that are considered highly volatile and quite opaque, all things considered–would only serve to feed into the larger financial sector. There’s also the fact that there’s definitely a global push to regulate this sector, too.

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