BitOasis Received Full VASP Approval in Dubai, Broadened Cryptocurrency Offerings

Dubai strengthened its reputation as a global hub for digital assets: BitOasis, one of the most established cryptocurrency exchanges in the Middle East and North Africa, officially secured a full Virtual Asset Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA). This achievement was not only a major step for BitOasis but also a significant signal to the industry that regulatory clarity was advancing in the region.

For users and investors across MENA, this approval meant access to a fully compliant, locally rooted platform with the capability to offer expanded crypto services. At a time when trust and regulatory transparency were more critical than ever in the crypto industry, BitOasis’s full VASP approval reinforced its standing as a legitimate player in one of the world’s fastest-growing digital asset markets. The news also represented a broader shift—where regional crypto exchanges were stepping up to meet international standards, and jurisdictions like Dubai were supporting growth while enforcing accountability.

Founded in 2016, BitOasis had long been a pioneer in the region’s crypto space. It was among the first to receive provisional approval from VARA in 2022, operating under that status while progressing through the regulator’s licensing framework. In May 2023, the company reached another milestone by obtaining an MVP (Minimum Viable Product) operational license, becoming the first broker-dealer to reach that stage in Dubai. Now, with the full VASP license in hand, BitOasis had officially completed the rigorous licensing journey—a process designed to ensure operational soundness, consumer protection, and risk mitigation.

"Securing the full VASP License is not only a testament to our team’s dedication to regulatory compliance but also reinforces our resolve to lead the industry with integrity and accountability. We are grateful to VARA for their guidance and support throughout this process." - Ola Doudin, Co-Founder and CEO of BitOasis

CoinDCX Acquisition Fueled Regional Ambitions

Adding to this momentum was BitOasis’s acquisition by India-based crypto exchange CoinDCX, finalized in July 2024. The strategic deal marked CoinDCX’s entry into the MENA market, leveraging BitOasis’s local expertise, regulatory alignment, and growing user base. With this partnership, BitOasis was expected to accelerate its expansion across the region, including countries such as the UAE, Saudi Arabia, Bahrain, and Jordan. Backed by CoinDCX’s technological capabilities and investment resources, BitOasis was now positioned to serve a broader and more diverse audience while adapting its offerings to meet evolving regulatory and market demands.

Broader Cryptocurrency Access for MENA Users

The newly acquired license empowered BitOasis to grow its product suite beyond the foundational trading services. Currently, the platform supports over 60 cryptocurrencies, with the convenience of transacting in regional currencies such as the UAE dirham and the Saudi riyal. The full VASP license paved the way for deeper integration of crypto finance tools, secure asset management options, and broader institutional services.

As regulatory scrutiny increases globally, especially in the wake of past market volatility, BitOasis’s fully licensed status positioned it as a reliable gateway for users seeking compliance, security, and regional familiarity. This added trust factor likely played a key role in onboarding the next wave of crypto adopters in the MENA region.

Reinforcing Trust Through Compliance

BitOasis’s regulatory journey had not been without challenges. In 2023, VARA temporarily suspended the company’s license for failing to meet certain conditions. Rather than retreating, the company engaged closely with the regulator, worked through its compliance roadmap, and regained operational status—demonstrating a proactive and transparent approach to regulation.

Now, with full licensing secured, BitOasis had reaffirmed its commitment to operating with integrity and aligning with international best practices. In a space where regulatory non-compliance can be fatal, BitOasis made the case for a compliance-first approach as a growth strategy rather than a constraint.

Our Thoughts

BitOasis receiving full VASP approval was undeniably a strong vote of confidence—from regulators, partners, and the broader market. It reflected the platform’s dedication to compliance and signaled maturity within the region’s digital asset ecosystem. The added backing from CoinDCX brought further depth to its capabilities, both in technology and regional reach.

On the flip side, BitOasis’s past regulatory hiccups, along with rising competition from global exchanges entering the MENA market, highlight the challenges ahead. The pressure to innovate, maintain compliance, and scale sustainably will only increase. In short, while this was a meaningful achievement, the true test will be BitOasis’s ability to build consistently in a high-stakes, fast-changing environment.

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