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

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UAE-Based Crypto Exchange Bitoasis Obtains Provisional Approval From Dubai’s New Regulator – Bitoasis, a major crypto exchange based in Dubai, stated on Wednesday that it had gotten “provisional clearance” from the Virtual Assets Regulatory Authority, Dubai’s new crypto regulator.

Dubai passed its first crypto-regulation law earlier this month, establishing the VARA to monitor the industry.

Bitoasis will be able to continue operating in Dubai under the provisional license while through a thorough process to secure a complete license.

Also Read: Central Bank of Honduras Discredits Bitcoin Legal Tender Speculation

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Bitoasis is the world’s first virtual asset service provider based in Dubai. Customers in the Gulf and the Middle East use the platform. According to the corporation, it is registered with the central bank and reports anti-money laundering issues to the bank’s financial intelligence section.

Director general of the Dubai World Trade Centre Authority, which houses the VARA, Helal Saeed Almarri, said:

The VARA is glad to enable Bitoasis’ onboarding into our ecosystem as an authority dedicated to growing UAE-based businesses and laying strong foundations for the global future economy.

The VARA has approved Binance and FTX Europe to “operate under Dubai’s ‘test-adapt-scale’ virtual asset market model as a platform for development within the region” since its inception.

Also Read: Private Banks Propose to Help Design Digital Currency in Mexico

UAE-Based Crypto Exchange Bitoasis Obtains Provisional Approval From Dubai’s New Regulator – Furthermore, global exchanges Bybit and Crypto.com announced this week that they intend to open offices in Dubai. Bybit announced that it has “acquired in-principle clearance to run a full spectrum of virtual assets business in Dubai,” while Crypto.com is planning a major hiring push in the coming months.

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