Dubai BitOasis Crypto Exchange has received preliminary approval from the local financial institution. The regulator accepted the site as the first regulated custodial and trading platform for digital assets in the Middle East.
Approval of the Fiscal Oversight Service means that BitOasis meets the requirements for obtaining a license. This document will be the final step towards the launch of the relevant services.
The exchange claims that it has been working with regulators in the region of its presence since 2018 and places particular emphasis on the UAE.
“This approval is an important achievement for our company, which is striving to become the first licensed and regulated exchange and custodian of crypto assets in the Middle East, and also to enter a limited group of such exchanges at the global level,” said BitOasis.
According to co-founder and CEO of BitOasis, Ola Dudin, during the year, the exchange will restart as a regulated entity, add new cryptocurrency products and try to enter new markets, such as Saudi Arabia.
BitOasis was opened in 2015. Over the last two years, it handled transactions for $ 1.6 billion, which makes it one of the largest exchanges in this region.