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Dubai-based BitOasis has become the first broker-dealer to receive the minimum viable product (MVP) operational license from Dubai's Virtual Asset Regulatory Authority (VARA), the crypto exchange announced on Monday.
VARA was established in March 2022 to oversee the growing virtual asset sector in the emirate as the United Arab Emirates strives to become a leading global hub for the industry.
BitOasis, which received provisional approval in March 2022 to start the licensing process, can now offer broker-dealer services to qualified retail and institutional investors under VARA's regulatory framework. The MVP license allows BitOasis to provide trading and brokerage services to its customers, subject to certain restrictions.
According to the VARA’s website, the crypto exchange issues licenses in various stages, and BitOasis is the first company to complete the MVP stage. As of now, no firm has been licensed under the full market product (FMP) stage.
The MVP license permits BitOasis to offer digital asset investment opportunities while also ensuring consumer protection, said Henson Orser, VARA's CEO.
"The VARA ecosystem aims to strike a balance between value creation, risk mitigation, and enhanced investment opportunities with consumer protection at its core," he added.
Moreover, as the crypto industry continues to gain traction globally, the United Arab Emirates is positioning itself as a leading hub for virtual asset trading and investment, with the support of regulatory bodies like VARA.
BitOasis' MVP license is a significant milestone for the exchange, and it is expected to drive growth in the sector as more investors seek to participate in the crypto market.
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