The new digital asset regulator of the Emirates has given BitOsis a provisional approval to operate in Dubai.
Earlier this month, Dubai enacted its first law governing digital assets, setting up the Virtual Asset Regulatory Authority (VARA) to oversee the growing sector. BitOasis said the authority would allow it to continue operating in Dubai while it applied for a full VARA license.
Until now, BitOasis was registered with the central bank, reporting anti-money laundering issues to the bank’s Financial Intelligence Unit.
Founded in Dubai in 2015, the Middle East-focused cryptocurrency exchange based in the United Arab Emirates serves English and Arabic speaking clients in the region.
Dubai pushes to become regional hub
The move is the latest in a series of approvals as the UAE pushes to become a regional hub for the digital asset sector. In separate statements earlier this week, Bybit and Crypto.com both said they had received similar approval from the local authority and would be expanding to Dubai.
In addition to receiving provisional approval to do business with virtual assets in Dubai, Bybit also confirmed that it plans to set up its global headquarters in the city by next month. Meanwhile, Crypto.com also announced that it is setting up a regional office in Dubai as part of its long-term commitment to the UAE.
Prior to these announcements, Emirates also granted virtual asset licenses to Binance and FTX Europe. “Binance will be allowed to expand a limited number of exchange products and services to pre-qualified investors and professional financial services providers,” the company said.
Binance Plans Dubai World Trade Center[DWTC]It also plans to build a blockchain technology hub out of the U.S., with which it began working last year to develop an international virtual asset ecosystem in the city.
For FTX Europe, CEO Sam Banksman-Fried said it plans to set up a regional headquarters in the city and offer “crypto-derivative products with centralized counterparty clearing for institutional markets”.