Crypto asset exchange BitOasis receives 'in-principle' approval from Abu Dhabi regulator

BitOasis has been given preliminary approval to operate as a crypto asset exchange and custodian within ADGM

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has granted digital asset exchange BitOasis regulatory in-principle approval (IPA) to carry out specific regulated activities within ADGM once it receives a license on satisfaction of the IPA’s requirements.

Launched in 2015, BitOasis is attempting to become the first licensed and regulated crypto asset exchange and custodian in the Middle East.

“In terms of expansion, our focus in the next 12 months is the Middle East, with focus on GCC and Saudi Arabia in particular,” Ola Doudin, CEO and co-founder of BitOasis told Zawya in emailed comments.

“In terms of products, we're looking at a variety of tokens, including serving retail individuals and professional clients such as investors and corporates,” she added.

Abu Dhabi Global Market (ADGM), the UAE capital’s financial centre, launched a Crypto Asset Regulatory Framework in mid-2018, as a set of rules governing spot trading of crypto assets by exchanges, custodians and other intermediaries.

Established in the United Arab Emirates, BitOasis has been advocating the regulation of digital assets in the region in the fast-growing cryptocurrency sector. The platform offers a localised trading experience, with support for local currencies and both Arabic and English functionalities.

Another cryptocurrency exchange platform, Palmex, was launched in Dubai in January last year by Saudi entrepreneur Mohammed Alsehli, offering its own brand of cryptocurrency called DubaiCoin.

Rain, a cryptocurrency exchange based in Bahrain, also announced in October 2018 that it was seeking a licence after graduating from the Central Bank of Bahrain’s regulatory sandbox.