The United Arab Emirates-based cryptocurrency exchange BitOasis announced on Monday that it has been granted Dubai’s first broker-dealer minimum viable product operational license by Dubai’s crypto authority.
As the United Arab Emirates strives to become a global hub for the virtual asset industry, in March 2022, It established the Virtual Asset Regulatory Authority (VARA) to oversee the nascent sector in the emirate.
VARA issues licenses to businesses in phases. The first broker-dealer to reach the minimum viable product (MVP) stage is BitOasis, which got provisional clearance to begin the licensing procedure in March 2022.
According to the VARA Dubai website, no company has been granted a license at the full market product (FMP) level.
BitOasis announced in a statement that, thanks to the VARA’s regulatory regime, it may now offer broker-dealer services to retail and institutional investors from its Dubai headquarters.
VARA CEO Henson Orser has said, “Consumer protection is at the core of the VARA ecosystem, which aims to strike a balance between value creation, risk mitigation, and enhanced investment opportunities.”
To read our article about “Crypto Markets Lose $30B as Bitcoin Drops by $1K Overnight” click here.
