Cryptocurrency exchange BitOasis is on track to receive a license to operate in the Middle East after being granted in-principle approval from the U.A.E's financial regulator.
The Dubai-based platform, which launched in 2015, announced today that it had received approval from the Financial Services Regulatory Authority at the Abu Dhabi Global Market to operate as a regulated crypto trading platform and digital wallet in the region.
Following a 2018 announcement from the ADGM that it would be establishing guidelines to regulate crypto asset activities, BitOasis has been "Working closely with regulators," she said.
Last November BitOasis expanded its crypto offerings to users in Egypt, Jordan, and Morocco, adding onto trading pairs available in Bahrain, Oman, Saudi Arabia, and the United Arab Emirates.
According to the blog post, BitOasis is continuing with its promise of being the most competitive exchange for its users in the Middle East.
As a result, how exchanges operate, especially in light of Bitwise's report suggesting 95 percent of exchange volume is faked, is often a topic of discussion.
Of course, with the ADGM issuing a regulatory framework to license crypto asset exchanges and the Central Bank of Bahrain introducing a comprehensive set of cryptocurrency regulations, it seems clear that a regulated approach may be the way forward.
This is particularly noted in the Middle East as it looks to become a leader in the financial world by embracing digitally-enabled economies.
Update 11:18PM Pacific time- a previous version of this article stated BitOasis would become the first regulated crypto exchange in the Middle East.
The article title and content were updated to reflect that fact it would not be the first crypto exchange in the Middle East to be licensed.
BitOasis on track to become a regulated crypto-exchange in the Middle East
Published on May 14, 2019
by Cryptoslate | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.