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UAE crypto exchange Bitoasis receive provisional approval from Dubai’s new regulator

Bitoasis, a prominent cryptocurrency exchange in the UAE, has received preliminary authorisation from Dubai's new cryptocurrency regulator. Binance and FTX have also received approval from the authorities.

On March 30, Bitoasis, a prominent crypto exchange created and located in Dubai, stated on March 30 that it has gained “provisional clearance” from the Virtual Assets Regulatory Authority (VARA), Dubai’s new crypto regulator. Dubai passed its first crypto-regulation law earlier this month, establishing the VARA to monitor the sector. The interim licence permits Bitoasis to continue operating in Dubai while it goes through the lengthy process of obtaining a full licence.

Bitoasis is the city’s first virtual asset service provider (VASP). Customers throughout the Gulf and the Middle East are served by the platform. According to the corporation, it is registered with the central bank and reports anti-money laundering (AML) problems to the bank’s financial intelligence section.

Helal Saeed Almarri, general director of the Dubai World Trade Centre Authority, which houses the VARA, stated:

The VARA is glad to enable the onboarding of Bitoasis into our ecosystem as an authority devoted to growing UAE-grown firms and laying solid foundations for the global future economy.

Since its creation, the VARA has given Binance and FTX Europe permission to operate inside Dubai’s “test-adapt-scale” virtual asset market paradigm as a platform for regional development.

Furthermore, global exchanges Bybit and Crypto.com announced this week that they want to open offices in Dubai. Bybit stated that it has acquired in-principle clearance to execute a complete spectrum of virtual asset businesses in Dubai.

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Vaishali Goel
Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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