Crypto platform BitOasis gains approval to operate in Abu Dhabi

By Leandra Monteiro

Dubai-based crypto currency platform BitOasis has received new regulatory approvals from the Abu Dhabi Global Market as it prepares to launch the first licensed crypto exchange in the Middle East.

The firm stated that the Financial Services Regulatory Authority (FSRA) in ADGM has granted a financial services permission (FSP) to its Abu Dhabi-registered entity, BLEX Financial Limited. BitOasis is now permitted to operate a regulated multilateral trading facility and custody platform for virtual assets on the ADGM that will enable retail investors and institutions to trade cryptocurrencies with local currencies.

According to media reports, “BitOasis is now authorised to operate a regulated Multilateral Trading Facility (MTF) and custody platform for virtual assets in Abu Dhabi Global market in the UAE,” the statement said.

“We’re delighted to have achieved yet another milestone in the regulatory evolution of virtual asset market structure in the region. 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 subject to further regulatory approvals from the FSRA,” said Ola Doudin, CEO and co-founder of BitOasis, according to media reports.

The crypto platform enables buying and selling of virtual assets with local currencies. It will serve retail, accredited investors, trading firms and institutions. The operations of the platform are yet to be formally kicked off, awaiting the release of the “additional launch approvals” from FSRA.

Set up in 2015, the BitOasis platform, allows traders and investors to exchange and trade digital currencies, such as bitcoin, ethereum and other virtual assets, against fiat currency and virtual asset pairs.