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- 1 Dubai Virtual Assets Regulatory Authority (VARA) suspended BitOasis’s operation license in the region.
- 2 VARA was enacted in March 2022, Dubai’s first law to regulate virtual assets.
- 3 In March 2023, Dubai Multi Commodities Centre signed affiliation agreements with South Korean companies.
BitOasis is the first cryptocurrency exchange that received a license from Dubai Virtual Assets Regulatory Authority (VARA). The operational license of the exchange has been canceled by the authority.
Reportedly, BitOasis failed to meet the regulator’s conditions and did not submit certain essential documents in the time allotted.
Now, the operational license of the BitOasis is rendered irrelevant as VARA has made it clear that it would keep an eye on the issue to ensure compliance in case of failure to meet conditions. The restriction imposed on the license might be lifted once it satisfies the terms and conditions of the concerned body.
Per BitOasis’s website, ‘On March 28th 2022, BitOasis received its operational approval from VARA to continue to provide virtual asset products and services to all retail investors across the UAE, GCC and MENA from Dubai, the United Arab Emirates.’
VARA has taken severe legal actions against BitOasis in the region; it stated that the cryptocurrency exchange did not fulfill these requirements, though the exact details of the unmet conditions were not disclosed.
VARA’s strict decision reflects its commitment to the cryptocurrency industry and its seriousness in enforcing rules and regulations.
This continuous monitoring demonstrates VARA’s commitment to upholding legal requirements and fostering a safe and open environment for cryptocurrency trading in Dubai.
Dubai Aims to be a CryptoHub
In the last few months, dozens of digital assets regulators have filed to secure operation licenses in Dubai, and many market analysts also believe that the region’s crypto regulations are less complicated than the regulation of other nations.
The Dubai Virtual Asset Regulation Law established VARA in March 2022, the first law to regulate virtual assets. Its goal is to develop international standards for the virtual asset industry and to create a cutting-edge legal framework to protect investors and promote responsible business growth in and out of the Emirate.
According to Crypto(dot)com, it received the license following a review of its compliance procedure, which includes policies on knowing your customer (KYC), an ultimate beneficial owner (UBO), and anti-money laundering (AML) capabilities.
Key employees, governance practices, cross-border safety, and security measures were assessed by VARA. Earlier in April, Bybit noted that it successfully inaugurated its headquarters in Dubai.
In March 2023, Dubai Multi Commodities Centre signed affiliation agreements with South Korean companies. The country has decided to fund companies that provide services related to Web3 products and Metaverse. South Korea is known for its technological advancement in gaming, VR, and Web3.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
