Crypto alert! Virtual asset platform BitOasis secures regulatory approvals in ADGM

Crypto alert! Virtual asset platform BitOasis secures regulatory approvals in ADGM 

By: Abu Dhabi SME Hub
News

The BitOasis platform allows traders and investors to easily exchange and trade Bitcoin, Ethereum and other virtual assets against fiat currency and virtual asset pairs.

BitOasis’s ADGM registered entity has been granted a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) and is currently working towards the migration of its operations towards launch in ADGM. 

As the first and largest virtual asset platform in the Middle East and North Africa (MENA) region, BitOasis is now authorized to operate a regulated Multilateral Trading Facility (MTF) and Custody platform for Virtual Assets in Abu Dhabi Global Market (ADGM) in the United Arab Emirates (UAE) that will serve retail, accredited investors, trading firms and institutions. The platform is intended to allow buying and selling of Virtual Assets with local currencies. The platform will launch after securing additional launch approvals from the FSRA.

Ola Doudin, CEO and co-founder of BitOasis said: “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.”

The virtual asset market is currently enjoying a bull run after two years of recovery, with market prices of many tokens reaching all-time highs this year. Last week (13th April 2021) saw Bitcoin and Ethereum recording prices of $64,758 and $2,397, respectively. Factors that include an increase in institutional interest and growth on DeFi (Decentralized Finance) applications and stablecoins suggest a continued positive trend.

About BitOasis:

Established in 2015, BitOasis is the largest online virtual (also referred to as ‘crypto’) asset platform in the MENA region. The firm currently operates from Dubai and is in process of setting up and launching its operations from ADGM in Abu Dhabi under its ADGM registered entity BLEX Financial Limited.

BitOasis platform offers the most liquid platform in the Middle East, allowing traders and investors to easily exchange and trade Bitcoin, Ethereum and other virtual assets against fiat currency and virtual asset pairs.  All services offered, marketed or promoted by BitOasis in Dubai to its users are through its website: www.bitoasis.net. BitOasis will, in due course, provide more information about migrating to the new ADGM entity.

BitOasis’s ADGM registered entity, BLEX Financial Limited, on receiving the necessary approvals from the FSRA in ADGM will be launching its regulated MTF in ADGM offering its clients access to a secure, regulatory compliant and institutional-grade platform.

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