BitOasis receives MVP Operational License from VARA

Dubai and the United Arab Emirates (UAE) are rapidly becoming leading hubs for crypto companies and the country is attracting leading crypto startups from around the world.   

The country’s efforts have paid off as some of the world’s leading crypto companies, such as Binance, Crypto.com, and ByBit, are setting up shop in UAE.

Dubai has also created a specialized regulator for the crypto industry, called Virtual Assets Regulatory Authority (VARA) with the goal to regulate crypto-currencies, NFTs, and virtual assets and protect the rights of investors. 

Accordion to the VARA website (link in comments), BitOasis is the first among VARA’s crypto broker-dealers to receive MVP (Minimum Viable Product) Operational License, one step before the FMP (Full Minimum Product) Operational License.  

BitOasis, established in 2015 and headquartered in Dubai UAE, is considered one of the largest and most trusted cryptocurrency platforms in the MENA region. 

CoinMENA, Scallops, and MidChains are broker-dealers still in the first stage with MVP Provisional license, while GCEX has received an MVP preparatory license, one step before MVP operational license.

The only other additional crypto company with MVP Operational License is HEX Trust, a crypto custodian and investment manager.