Dubai-headquartered crypto exchange BitOasis has obtained a full Virtual Asset Service Provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA).

This marks the final step in the platform’s licensing process and allows BitOasis to expand its crypto trading services, including buying, selling and trading, to the UAE.

In May 2023, BitOasis received the first of Dubai’s “minimum viable product operational licenses” from VARA. This license enabled it to provide brokerage services to qualified institutional and individual investors in Dubai. However, this operational license was only one step in a multi-step process, with the final step being the issuance of a full commercial product license (FMP).

The licensing step comes after BitOasis first received provisional approval from VARA in 2022, shortly after the regulator was established. The new license allows the company to provide its services to retail, institutional and qualified investors, laying the foundation for future regulatory approvals.

BitOasis is now ready to fully operate under the new license, building on its track record of compliance with Dubai’s regulatory framework. While the license does not enable new business, it strengthens the company’s existing offerings and positions it for additional licenses and expansions in the future.

The company’s efforts in Dubai complement its previous regulatory approvals in Bahrain, where it provided virtual asset brokerage services. However, BitOasis faced a brief suspension in 2023 for failing to comply with certain regulatory conditions set by VARA.

In July 2024, Indian crypto exchange CoinDCX acquired BitOasis, marking its entry into the MENA region. This takeover follows CoinDCX’s strategic investment in BitOasis in August 2023. The deal, the value of which was not disclosed, offers users access to a wider range of crypto assets, increased liquidity and an improved trading experience.

CoinDCXwhich operates an aggregator of cryptocurrency trading services, claims to have versatile financial instruments and comprehensive order books targeting a variety of trading use cases.

Founded in 2016, BitOasis has processed over $6 billion in trading volume and raised over $40 million from investors including Jump Capital and Pantera Capital.

CoinDCX and other Indians are betting on global markets after most of their peers halted operations after banks cut off access to local crypto exchanges. Those trying to survive this phase of uncertainty are exploring options including crypto-to-crypto, P2P, and derivatives products.