Bitoasis, the UAE’s largest cryptocurrency exchange, has received provisional approval from Dubai’s new cryptocurrency authority. The regulator has also approved Binance and FTX.
Bitoasis Is Considering Applying for a License From Dubai’s New Crypto Regulator
Bitoasis, a prominent cryptocurrency exchange founded and located in Dubai, stated Wednesday that it has gained “provisional approval” from the city-new state’s cryptocurrency regulator, the Virtual Assets Regulatory Authority (VARA).
Dubai passed its first crypto-related law earlier this month, establishing the VARA to govern the sector.
The provisional licence enables Bitoasis to continue operating in Dubai while undergoing a thorough licencing process.
Bitoasis is the region’s first virtual asset service provider (VASP). Customers in the Gulf and Middle East are served by the platform. According to the corporation, it is registered with the central bank and reports anti-money laundering (AML) concerns to the bank’s financial intelligence unit.
Helal Saeed Almarri, director general of the Dubai World Trade Centre Authority, which is home to the VARA, added:
As an authority dedicated to growing UAE-based businesses and laying the groundwork for the global future economy, the VARA is glad to assist Bitoasis’s integration into our ecosystem.
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 expansion.”
Additionally, global exchanges Bybit and Crypto.com announced this week their intention to establish operations in Dubai. Bybit announced that it has gained “in-principle authorisation to conduct a broad range of virtual asset operations in Dubai,” while Crypto.com is preparing a significant recruitment drive in the coming months.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.