Dubai’s BitOasis Exchange is one step closer to launching a regulated platform for storing and trading cryptoactive assets in the UAE after receiving approval from the national financial regulator (IPA).
The company announced this week that the Financial Services Authority (FSRA) in the Global Abu Dhabi Market (ADGM) provided it with an IPA, removing another regulatory hurdle. Now the firm must meet certain requirements in order to obtain a license before it can begin work.
However, BitOasis argues that IPA is of paramount importance and can help the company become the first exchange-regulated and custodian of crypto assets in the Middle East. According to the company, its platform is “the largest platform and exchange of cryptoactive assets” in the region. Representatives of the company noted that they have been working with regulators throughout the region since 2018, paying particular attention to the UAE. The company said:
“IPA is an important milestone and achievement on our way, as we strive to become the first licensed and regulated crypto-asset exchange and custodian in the Middle East, and are among the few sites operating in accordance with the laws.”
BitOasis co-founder and CEO Ola Doudin stated that the exchange plans to restart its platform — this time as a regulated organization — over the next year. The startup also plans to add new products for cryptoactive assets and try to enter new markets, such as Saudi Arabia.
"The company will also continue to work actively with regulators to accelerate the spread of cryptocurrency throughout the region," - noted in BitOasis.
The exchange was launched in 2015 and became the first Middle Eastern cryptocurrency platform, which attracted venture capital funding and began offering services in the region, as well as in North Africa. In general, the UAE is one of the most active regions, if we talk about the development of the cryptocurrency industry. Recently it was reported that the UAE is leading in the field of raising funds through ICO.