The UAE-based crypto exchange BitOasis has got preliminary approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market for a special license to operate in UAE.
BitOasis is a five-year-old crypto exchange that has transacted $1.6 billion of trade value in the last couple of years alone, which makes it the largest cryptocurrency exchange in UAE. Though the cryptocurrency sector is majorly unlicensed, BitOasis is the first one to receive a special license in UAE.
The CEO, Ola Doudin has stated that the company is set to receive the special license once it satisfies all technical and operational requirements. And it will be done in the next half of the year.
“This is a huge milestone. It gives us legitimacy as well, and we can now work with regulated financial entities. We’re able to work with other regulators in the region, such as Saudi Arabia. Overall, it will boost our growth in the region, legitimize the space and expand our reach in the market.”
The company will be focusing mainly on Gulf Cooperation Council countries for the next year, where Saudi Arabia will be the chief opportunity.