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Dubai crypto regulator awards 1st broker-dealer MVP operational license

by WAYA Staff - May 1, 2023
Dubai crypto regulator awards 1st broker-dealer MVP operational license

UAE-based BitOasis, a Middle East-focused crypto exchange, has received the first broker-dealer minimum viable product (MPV) operational license from Dubai’s crypto regulator VARA, Reuters reported.

BitOasis can now provide broker-dealer services to qualified retail and institutional investors from its headquarters in Dubai under the VARA’s regulatory regime, the company said in a statement.

Dubai’s Virtual Asset Regulatory Authority (VARA) was formed last year to regulate the emerging virtual asset sector in the emirate. 

BitOasis, which received provisional approval to start the licensing process in March 2022, is the first broker-dealer to complete the minimum viable product (MVP) stage.

No firm has yet been licensed under the full market product (FMP) stage, according to VARA’s website. The United Arab of Emirates pushes to become a global hub for the crypto industry.

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