Dubai crypto regulator awards first broker-dealer MVP operational license

DUBAI: BitOasis, a Middle East-focused crypto exchange based in the United Arab Emirates, has received the first broker-dealer minimum viable product operational license from Dubai’s crypto regulator, the company said recently, as per a Reuters report.

Dubai’s Virtual Asset Regulatory Authority (VARA) was formed in March 2022 to regulate the emerging virtual asset sector in the emirate, as the UAE pushes to become a global hub for the industry. VARA licenses firms in a series of stages. BitOasis, which received provisional approval to start the licensing process in March 2022, is the first broker-dealer to complete the minimum viable product stage. No firm has yet been licensed under the full market product stage, as per VARA’s website.