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UAE Firm BitOasis Gets Temporary Approval From Dubai’s New Crypto Regulator


Dubai’s new crypto regulator brings UAE firm BitOasis under its wing

BitOasis, a Middle East -focused crypto exchange based in the United Arab Emirates, has received temporary approval from Dubai’s new crypto regulator as the UAE seeks to become a hub for the virtual assets sector.

This month, Dubai, one of the seven UAE emirates and the region’s trade hub, issued its first law governing digital assets. It formed the Virtual Assets Regulatory Authority (VARA) to oversee the sector.

Dubai this month granted virtual asset licenses to Binance, the world’s largest cryptocurrency exchange, and FTX Europe, which will set up regional headquarters in the city. This week, global exchanges Bybit and Crypto.com said they are also conducting operations there.

BitOasis, which was founded in Dubai in 2015 and serves English and Arabic -speaking customers in the Gulf and Middle East, will continue operations in Dubai while it applies for a full VARA license, the company said.

Prior to being under VARA, BitOasis had registered with the central bank and reported anti-money laundering issues to the bank’s financial intelligence unit, the company said.

The UAE has been working to develop a virtual assets and regulatory sector to attract new forms of business as regional economic competition heats up.

Internationally, regulators are concerned about how the downturn in crypto assets – a highly volatile and still opaque market – will enter the broader financial sector, and there is a global push to regulate the sector.

(This story has not been edited by NDTV staff and is automatically generated from a syndicated feed.)

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