BitOasis, a digital currency trading platform based in the UAE and serving the Middle East and North Africa region, announced on Monday that it has obtained the first operational license for applicable products issued to a brokerage and trading company by the Dubai Virtual Assets Regulatory Authority.
The Dubai Virtual Assets Regulatory Authority was established in March 2022 to serve as the regulatory body for the emerging world of virtual assets in the emirate, as the UAE aims to become a global hub for this industry.
The authority grants licenses to companies in phases. BitOasis, which received temporary approval to begin the licensing process in March 2022, has become the first brokerage and trading company to reach the operational licensing stage for the minimum applicable products.
According to the Dubai Virtual Assets Regulatory Authority's website, no company has yet obtained a full market product license.
BitOasis stated in a release that it is now able to offer brokerage and trading services to eligible individual and institutional investors from its headquarters in Dubai in accordance with the regulations of the Virtual Assets Regulatory Authority.
Hindson Orser, CEO of the Dubai Virtual Assets Regulatory Authority, noted that the authority's framework aims to "balance value creation, risk mitigation, and investment opportunities while placing consumer protection at its core."
