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Dubai Crypto Platform BitOasis to Launch Operations in Abu Dhabi

Dubai-based, BitOasis is now authorized to operate a regulated Multilateral Trading Facility (MTF) and Custody platform for Virtual Assets in Abu Dhabi.

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Dubai Crypto Platform BitOasis to Launch Operations in Abu Dhabi

The MENA region’s first and largest crypto currency platform, BitOasis, is now authorized to begin operations at the Abu Dhabi Global Market (ADGM) after securing new regulatory approvals. A financial services permission (FSP) has been granted to its Abu Dhabi-registered entity, BLEX Financial Limited, by the Financial Services Regulatory Authority (FSRA).

Although BitOasis only currently operates in Dubai, it will begin operating as a regulated Multilateral Trading Facility (MTF) pending additional launch approvals from the FSRA.The Dubai-based virtual asset platform, established in 2015, allows investors and traders to exchange digital currencies against fiat currency. The platform will serve accredited investors, retail, institutions and trading firms.

“We’re delighted to have achieved yet another milestone in the regulatory evolution of virtual asset market structure in the region,” said Ola Doudin, CEO and co-founder of BitOasis. “ADGM has been instrumental in our journey, having granted the first In Principal Approval (IPA) for BitOasis in April 2019, and we look forward to launching under our regulatory licenses in due course.”

BitOasis added that the virtual asset market is experiencing a bull run after taking the past two years to steadily recover. On April 13th, Bitcoin and Ethereum recorded market prices of $64,758 and $2,397, respectively.