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UAE-based cryptocurrency platform BitOasis said it is “working closely” with Dubai’s Virtual Assets Regulatory Authority (VARA) to fulfill conditions of its minimum viable product (MVP) licence, after its status was changed to “under review”.
In a statement, BitOasis said it was committed to providing safe and secure services to its users and that it does not impact its ability to provide broker deal services to existing users.
However, the company said it would not onboard any new clients until it has complied with VARA requirements.
“Our team will continue to work closely with VARA and remediate all outstanding post-licensing conditions of our operational MVP licence as committed to the regulator, as well as working towards full market product (FMP) licensing,” the statement said.
“We remain committed to securing a broker-dealer license, and operating a compliant, regulated platform in and from Dubai under VARA’s supervision.”
VARA issued a market alert yesterday (Monday) about the platform’s MVP operational licence, saying BitOasis was “under review” for not meeting mandated conditions, which are required to be satisfied within a 30-60 day timeframe of its licence for institutional and qualified retail investors was issued on 12th April 2023.
The regulator said it is exercising its right to take enforcement action, which includes but is not limited to holding BitOasis’ Licence status as non-operational.
BitOasis said that from its launch in 2016, it had been a pioneer for the industry in Dubai and the broader region.
“We are committed to continuing our close collaboration with VARA. We knew that taking the lead in the ecosystem will come with its unique challenges, and we are glad to be tackling them in close cooperation with our regulator,” the platform said.
(Reporting by Imogen Lillywhite; editing by Imogen Lillywhite)
