Cryptocurrency exchange BitOasis is on track to receive a license to operate in the Middle East after being granted in-principle approval (IPA) from the U.A.E’s financial regulator.
The Dubai-based platform, which launched in 2015, announced today that it had received approval from the Financial Services Regulatory Authority (FSRA) at the Abu Dhabi Global Market (ADGM) to operate as a regulated crypto trading platform and digital wallet in the region.
According to a report from Bloomberg, Ola Doudin, CEO of BitOasis, said the platform will receive the license once it meets certain operational and technical requirements, which it’s aiming to complete in the second half of 2019.
“This is a huge milestone,” she added. “It gives us legitimacy as well, and we can now work with regulated financial entities. Overall, it will boost our growth in the region, legitimize the space and expand our reach in the market.”
Full Steam Ahead for BitOasis
Doudin expressed confidence that the platform would be a fully licensed cryptocurrency exchange back in February. Following a 2018 announcement from the ADGM that it would be establishing guidelines to regulate crypto asset activities, BitOasis has been “working closely with regulators,” she said.
News of this latest development comes at a time when there has been positive growth for the platform.
Last November BitOasis expanded its crypto offerings to users in Egypt, Jordan, and Morocco, adding onto trading pairs available in Bahrain, Oman, Saudi Arabia, and the United Arab Emirates (U.A.E.).
According to the blog post, BitOasis is continuing with its promise of being the most competitive exchange for its users in the Middle East. Not only that, but over the last two years, BitOasis claims that it has handled $1.6 billion in trades making it one of the biggest in the Middle East.
Onward to Greater Things?
With the crypto market—in particular, bitcoin—seeming to find its feet again during the recent price surge, more attention is being focused on the industry. As a result, how exchanges operate, especially in light of Bitwise’s report suggesting 95 percent of exchange volume is faked, is often a topic of discussion.
Of course, with the ADGM issuing a regulatory framework to license crypto asset exchanges and the Central Bank of Bahrain introducing a comprehensive set of cryptocurrency regulations, it seems clear that a regulated approach may be the way forward. This is particularly noted in the Middle East as it looks to become a leader in the financial world by embracing digitally-enabled economies.
Update 11:18PM Pacific time– a previous version of this article stated BitOasis would become the first regulated crypto exchange in the Middle East. The article title and content were updated to reflect that fact it would not be the first crypto exchange in the Middle East to be licensed. Thanks to Cal Evans for the observation.
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