DUBAI: BitOasis, a Middle East-focused crypto exchange based in the UAE, announced on Monday that it has earned the first broker-dealer minimum viable product operational licence from Dubai’s crypto regulator.
The Virtual Asset Regulatory Authority (VARA) of Dubai was established in March 2022 to govern the emirate’s developing virtual asset sector, as the UAE strives to become a global powerhouse for the technology.
VARA licences businesses in stages. BitOasis is the first broker-dealer to complete the minimum viable product (MVP) stage, having acquired provisional clearance to begin the licencing procedure in March 2022.
According to VARA’s website, no firm has yet been licenced at the full market product (FMP) stage.
BitOasis can now provide broker-dealer services to qualified retail and institutional investors from its headquarters in Dubai under the VARA’s regulatory regime, the company said in a statement.
“The VARA ecosystem aims to strike a balance between value creation, risk mitigation and enhanced investment opportunities with consumer protection at its core,” VARA CEO Henson Orser said.