Is BitOasis Legal in the UAE
A common question asked by Bitcoin investors is, “Is BitOasis legal in the UAE?” Fortunately, the answer is yes. While there is no tough legislation regulating the cryptocurrency market, the Abu Dhabi Global Market (ADGM) recently announced a mechanism to regulate spot crypto asset operations. This mechanism will govern exchanges, custodians, and intermediaries, including BitOasis. Despite the lack of regulation, the company is thriving and has made its services available to residents of the UAE.
The regulatory status of BitOasis is unknown, however, as the company is still undergoing regulatory review. In May 2018, the UAE’s financial regulator, the Abu Dhabi Global Market, announced it would implement a framework to regulate all crypto asset activities. In June 2018, BitOasis received regulatory approval from the Financial Services Regulatory Authority, and will soon launch. Although the UAE has not yet formalized the regulation of cryptocurrencies, BitOasis has been working with the FSRA to meet its requirements and provide additional protection for its customers.
The Regulation of BitOasis
The regulatory status of BitOasis is yet to finalize. But it is a step in the right direction. Until the UAE fully licenses the exchange, the company will not be able to operate in the country. Eventually, the firm will move operations to the ADGM and offer its services to investors in the Middle East. It’s unclear when exactly the BitOasis exchange will be available in the UAE, but it is already operating in the region.
Unlike many of the other trading platforms, BitOasis is available in a wide range of countries, including the UAE. Its website is located in the British Virgin Islands, which means that it’s not subject to UAE regulation. But the ADGM regulations will likely lead to more licensed cryptocurrency exchange houses in the UAE. It’s unclear how much time it will take, but it’s worth checking.
First Licensed Cryptocurrency Exchange in the UAE
A number of cryptocurrency projects in the UAE are not fully regulated, but BitOasis is getting ready to become the first licensed crypto exchange in the Middle East. The Dubai Multi Commodity Centre (DMCC) issues licenses to companies and ICOs. It aims to allow retail investors to trade cryptocurrencies with local currencies in the UAE. As the first licensed cryptocurrency exchange in the region, BitOasis will allow UAE citizens to buy, sell, and exchange cryptocurrencies.
Despite the regulatory restrictions on cryptocurrency exchanges, BitOasis has a long history of working with policymakers and regulators to ensure that its business is legitimate. In fact, it has worked closely with the UAE’s Financial Intelligence Unit for years. To establish trust and create awareness among the local population about the dangers of fraudulent activities and the potential for fraud. Even though its partners are not having regulations, they are in the process of the next Bitcoin exchange in the Middle East.
Moreover, BitOasis is a regulated exchange in the UAE. It has received its Financial Services Permission to operate in the Abu Dhabi Global Market (ADGM). This is the first virtual asset platform in the Mena region to get a license. In addition to the license, the company is also launching its virtual currency marketplace. Further launch approvals require before the exchange can begin offering cryptocurrency services in the UAE.
As mentioned earlier, BitOasis has been a leading cryptocurrency exchange in the UAE since its founding. It offers a digital asset wallet and an exchange and offers its services to a number of nationalities, including the UAE and the United Arab Emirates. There are no formal regulations on cryptocurrencies in the UAE. But it has been reported that the Emirates NBD has banned transfers to such platforms, citing concerns about money laundering.