Dubai Grants First Broker-Dealer MVP Operational License to BitOasis
- The firm is the only broker-dealer to complete VARA’s MVP stage, with no FMP licenses yet.
- BitOasis can now provide broker-dealer services to eligible retail and institutional investors under VARA’s regulation.
On Monday, BitOasis announced that it had become the first crypto exchange in the Middle East to receive a broker-dealer minimum viable product operational license from Dubai’s crypto regulator. The license was granted by Dubai’s Virtual Asset Regulatory Authority (VARA), which was established in March 2022 to oversee the burgeoning virtual asset sector in the region.
As the United Arab Emirates strives to establish itself as a leading destination for the crypto industry, the license represents a significant milestone for BitOasis and the broader virtual asset ecosystem in the region.
According to VARA’s licensing process, companies are licensed in several stages, and BitOasis was granted provisional approval to begin the process in March 2022. The crypto exchange has now become the first broker-dealer to complete the minimum viable product (MVP) stage, as no other firm has yet been licensed under the full market product (FMP) stage, as stated on VARA’s website.
Meanwhile, VARA CEO Henson Orser added:
The VARA ecosystem aims to strike a balance between value creation, risk mitigation and enhanced investment opportunities with consumer protection at its core.
Following the completion of the MVP stage, BitOasis can now offer broker-dealer services to both retail and institutional investors who meet the qualifications under VARA’s regulatory framework.
Moreover, the services will be provided from the company’s headquarters in Dubai, according to a statement released by BitOasis. This achievement marks a significant milestone for BitOasis and the virtual asset sector in the Middle East, as the United Arab Emirates continues to position itself as a leading player in the crypto industry.