Dubai’s BitOasis Crypto Exchange Gets In-Principle Approval From UAE Regulator, Ready To Launch
BitOasis Receives In-Principle Approval From United Arab Emirates Regulator, Getting Closer To Their Platform’s Launch
- BitOasis crypto exchange receives IPA from financial regulators in United Arab Emirates.
- The exchange will relaunch as a regulated entity in 2019.
Financial regulators around the world have been working to accommodate or ban cryptocurrencies in their various jurisdictions. BitOasis, a crypto exchange that is based in Dubai, is making some headway with their project, as they just received an in-principle approval (IPA) in the United Arab Emirates from the local financial regulator.
The announcement of the IPA from the Financial Services Regulatory Authority (FSRA) was released on Monday, which means that the regulatory battle that the company has been facing is behind them. Now, the next step towards their goal will be to meet the requirements imposed by the IPA to get the license it needs for operation in the country.
BitOasis has been clear about the major step that the IPA is, saying that it could ultimately end up becoming the first regulated exchange and crypto custodian for the Middle East.
The company already describes itself as the region’s “largest crypto asset platform and exchange,” adding that they have been making progress with regulators since 2018, especially with the UAE. However, they have been working with regulators all over the region as well. In a press statement, the company noted that this approval is “an important milestone and achievement.”
The co-founder and CEO of BitOasis, Ola Doudin, released a statement that the platform is planned for a relaunch as a regulated entity, though not until later this year. There will be new crypto asset projects launched with the newly regulated platform as well, and they plan to start getting into the Saudi Arabian market, among others. BitOasis stated that they will still be working toward crypto asset adoption around the region as they work with regulators.
The BitOasis exchange was originally launched in 2015 as the first crypto platform to raise venture funding in the Middle East. They also offer localized services in both the Middle East and North Africa.