Dubai regulator VARA issues its first license to crypto exchange
Dubai regulator VARA issues its first license to crypto exchange
BitOasis, a United Arab Emirates-based crypto exchange, has received its first broker-dealer license from Dubai's cryptocurrency regulator.
To date, Dubai's Virtual Asset Regulatory Authority (VARA) has not issued any licenses, although it was established in March 2022 to oversee the emerging virtual asset sector in the United Arab Emirates.
VARA's website outlines the licensing process, which involves several steps.
For example, BitOasis received preliminary approval in March last year and initiated the minimum viable product (MVP) licensing process.
Based on the license obtained, BitOasis will be able to provide broker-dealer services in Dubai to retail and institutional investors under VARA's regulatory regime, Finance.yahoo reported.
VARA CEO Henson Orser said, "The VARA ecosystem aims to strike a balance between value creation, risk mitigation and enhanced investment opportunities with consumer protection at its core".
Our website already reported that CMC Markets has expanded its activities in Dubai.
