Skip to main content

UAE-Based Crypto Exchange Bitoasis Obtains Provisional Approval From Dubai’s New Regulator

UAE-Based Crypto Exchange Bitoasis Obtains Provisional Approval From Dubai's New Regulator

A major cryptocurrency exchange in the UAE, Bitoasis, has obtained provisional approval from Dubai’s new cryptocurrency regulator. Binance and FTX have also been green-lighted by the regulator.

Bitoasis Pursuing License From Dubai’s New Crypto Regulator

Bitoasis, a major crypto exchange founded and headquartered in Dubai, announced Wednesday that it has received “provisional approval” from Dubai’s new crypto regulator, the Virtual Assets Regulatory Authority (VARA).

Dubai adopted its first law to regulate the crypto sector earlier this month and established the VARA to oversee the sector.

The provisional license allows Bitoasis to continue its business operations in Dubai while undergoing an in-depth process to obtain a full license.

Bitoasis is the first virtual asset service provider (VASP) to operate from Dubai. The platform serves customers in the Gulf and Middle East. The company explained that it is registered with the central bank and is reporting anti-money laundering (AML) issues to the bank’s financial intelligence unit.

Helal Saeed Almarri, director general of the Dubai World Trade Centre Authority that houses the VARA, commented:

As an authority that is committed to nurturing UAE’s home-grown enterprises, and building strong foundations for the global future economy, the VARA is pleased to facilitate the onboarding of Bitoasis into our ecosystem.

Since its inception, the VARA has green-lighted Binance and FTX Europe “to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model as a base for expansion into the region.”

In addition, this week, global exchanges Bybit and Crypto.com said they plan to establish operations in Dubai. Bybit said it has “received in-principle approval to conduct a full spectrum of virtual assets business in Dubai” while Crypto.com is planning a substantial recruitment drive in the coming months.

What do you think about Bitoasis obtaining a provisional license from Dubai’s new cryptocurrency regulator? Let us know in the comments section below.



from Bitcoin News https://ift.tt/yZiBgpx
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more