TechFlow news, cryptocurrency exchange BitOasis has received provisional approval from Dubai's newly established cryptocurrency regulator VARA. The company said that BitOasis, founded in Dubai in 2015 and serving English and Arabic-speaking customers across the Gulf and Middle East, will continue operating in Dubai while applying for a full Virtual Assets Regulatory Authority (VARA) license.
Prior to joining VARA, BitOasis was registered with the central bank and reported anti-money laundering issues to the bank’s financial intelligence unit. As regional economic competition intensifies, the UAE has been actively promoting the development of its virtual asset sector and regulatory framework to attract new business models.
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