Dubai’s Virtual Assets Authority Cancels BitOasis’s Conditional License
BitOasis is a cryptocurrency exchange that was operational in Dubai. However, the firm recently issued a notification from the local regulators revoking its trading license.
The regulators have maintained that these changes are made on account of the lack of regulatory compliance on the part of the crypto company. The Virtual Assets Regulatory Authority or VARA that issued the license has also suspended it.
Before the revocation of the license, the agency issued two warnings concerning regulatory oversight. VARA issued a conditional license to BitOasis In April. There was a time duration attached to the conditional license during which the regulatory firm was directed to comply with the regulatory requirements.
The exchange however failed to assimilate within the allotted 30-60 days period. To this effect, the regulators at VARA have put BitOasis under review.
VARA to Take Enforcement Action Against BitOasis
Under the legal pretext, VARA has the option to impose remedial measures against BitOasis. At the same time, the agency may also implement enforcement action against the cryptocurrency exchange under the pretext of regulatory violations. For the time being, the exchange platform has marked the exchange license as non-operational.
The regulators have also maintained that it is going to monitor the firm to make sure that it is compliant.
On the other hand, the regulators have issued a notification for the investors, consumers, and other stakeholders associated with the crypto exchange concerning its license revocation status. It is important to note that the firm has been operational in Dubai since 2016.
It is important to note that the firm has been operational in the region for years and lists more than 60 cryptocurrencies. In 2021, the cryptocurrency exchange became the first Virtual Asset platform in Dubai to allow consumers to make bank account deposits.
The firm was able to offer transaction fee-free bank purchases. At the same time, the firm was also the first cryptocurrency exchange to gain a Minimum Viable Product Operational License or MVP.
On the other hand, BitOasis was also operating as a cryptocurrency broker for institutional and retail investors. Additionally, the firm also gained Provincial Approval in 2022. Meanwhile, the firm got approval from the UAE Financial Intelligence Unit or Go-AML platform. However, the officials at VARA have maintained that the firm is working in tandem with the local regulators.
However, the firm is currently not approved by the local regulators in Dubai and thus there is a chance of seeing it go defunct within Dubai. Nevertheless, regulators in Dubai have cultivated a conducive environment for cryptocurrency exchanges and other Web3 enterprises.
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