The United Arab Emirates granted BitOasis, the cryptocurrency exchange, a preliminary license which permits it to operate with a digital asset wallet, as well as a trading platform around the region.
Cryptocurrencies currently available for trading on BitOasis
According to BitOasis, which is actually based in Dubai, this is going to make the firm the first regulated Bitcoin exchange of the Middle East. The preliminary license has been granted by the Financial Services Regulatory Authority.
This is definitely one of the three most significant independent authorities of the international financial center of the United Arab Emirates, the Abu Dhabi Global Market.
According to various reports, in the last two year, BitOasis handled trading volumes which totaled about $1.6 billion. This actually makes it one of the greatest crypto exchanges in the Middle East.
Right now, some of the cryptocurrencies which are actually available for trading on BitOasis include Bitcoin or BTC, Ethereum or ETH, Ripple or XRP, Bitcoin Cash or BCH, Litecoin or LTC, and Stellar or XLM. Some other cryptos which are also available for trading are Ethereum Classic or ETC, Bitcoin SV or BSV, Monero or XMR, and Zcash or ZEC.
The intention of BitOasis
As per the co-founder and CEO of BitOasis, named Ola Doudin, a full license is going to be granted once when the central technical and operational requirements are satisfied. The crypto exchange has the intention to fulfill this in the second half or so. Doudin also stated that the license is going to enhance the growth prospects of the company.
Overall, it is going to boost their growth in the region, as well as legitimize the space, or even expand their reach in the market.
Although this is only an interim license, Doudin also expressed confidence earlier in 2019 that BitOasis is going to be licensed entirely before the end of this year.
During the time, as Doudin stated, full regulation is going to assist the cryptocurrency exchange “go global from the UAE.” This is going to offer the firm a quite competitive advantage in North African and Middle East region.
In November of 2018, BitOasis has opened trading to the residents of two countries in North Africa – Morocco and Egypt.
BitOasis in North Africa
The choice of Dubai as the headquarters of the firm has been based on the growing significance of the city as the financial hub of the region.
Dubai is actually the emerging market’s capital of the world for trade, as well as the movement of goods, capital, and even people, and they want to be right at the center of all that.
Since beginning the cryptocurrency exchange in 2014, Doudin, who is born in Jordan and educated in the United Kingdom, attracted seed funding from foreign, as well as domestic investors.
Somewhere in 2016, for example, BitOasis received an undisclosed amount in a fundraising round which featured the Barry Silbert-led Digital Currency Group, which is the parent company of Grayscale Investments.