Dubai's Virtual Assets Regulatory Authority (VARA) has launched a review

 

Dubai's Virtual Assets Regulatory Authority (VARA) has launched a review and taken enforcement action against the Middle East-focused crypto exchange BitOasis for failing to meet mandated conditions determined by the regulator.  The agency temporarily suspended the exchange's license in the region.  BitOasis will have 30 to 60 days to meet the local regulatory framework.  Following this timeframe, the platform will be able to conduct market activities regulated by the VARA again if it satisfies the conditions.  Otherwise, the regulator will permanently cancel the exchange's operational license.  Earlier this year, BitOasis became the first platform to receive Dubai's minimum viable product (MVP) operational license.  The approval allows the firm to offer broker-dealer services for digital assets to retail and institutional investors in the city.  BitOasis is headquartered in Dubai, United Arab Emirates (UAE), and is regarded as the largest online digital asset platform in the Middle East and North Africa (MENA) region.