Now BitOasis can’t provide services for retail as well as Institutional crypto Investors in Dubai, as its crypto license has been rejected by Dubai’s crypto regulatory body.
Dubai is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai. In Dubai, Crypto trading is fully legal for retail as well as Institutional Investors. In March 2022, Dubai Government authorities established a crypto-dedicated regulatory body Dubai Virtual Assets Regulatory Authority (VARA).
On 10 July 2023, The VARA agency issued a notification against Dubai-based crypto exchange BitOasis. The notification alert read that the regulatory body suspended BitOasis’s crypto license for not meeting mandated conditions within the timeframes set out by the authority.
As per reports, BitOasis receives conditional regulatory approval to provide crypto services in mid of the April of this year and the corresponding regulatory body ordered the BitOasis team to bring changes in its services & ecosystem to meet all necessary rules & regulations perfectly within 60 days but so far the BitOasis team failed to bring the changes.
However the regulatory body failed to mention the main reasons, why BitOasis failed to comply with rules & regulations, but confirmed that the BitOasis team is required to apply for the Market Product (FMP) license, following necessary changes, otherwise in the future BitOasis can’t provide services to any of its customers.
Just a couple of years ago, crypto trading was prohibited in Dubai, to keep citizens away from this highly volatile market & prohibit potential risk of crypto exposure. But in late 2021 some Dubai’s leaders showed their Inclination toward this innovative sector & welcomed the crypto companies to provide crypto services under a full regulatory environment and also Dubai government agencies established friendly partnership with crypto firms to make Dubai a hotspot of digital innovations.
In early of this year, Dubai’s crypto regulatory body ordered all the crypto exchanges to suspend privacy coin trading.