BitOasis, the Middle East and North Africa (MENA) region’s leading cryptocurrency trading platform has secured new regulatory approvals that will enable it to start operations at the Abu Dhabi Global Market (ADGM).
The platform, which handles cryptocurrencies such as Bitcoin and Ethereum is intended to allow buying and selling of virtual assets with local currencies. It will serve retail, accredited investors, trading firms and institutions. BitOasis will launch after securing additional launch approvals from the Financial Services Regulatory Authority (FSRA).
“BitOasis is now authorized to operate a regulated Multilateral Trading Facility (MTF) and custody platform for virtual assets in Abu Dhabi Global Market in the UAE,” the statement said.
“We’re delighted to have achieved yet another milestone in the regulatory evolution of virtual asset market structure in the region. ADGM has been instrumental in our journey, having granted the first In Principal Approval (IPA) for BitOasis in April 2019, and we look forward to launching under our regulatory licenses in due course.”
The BitOasis platform, which was established in 2015, allows traders and investors to exchange and trade digital currencies, such as bitcoin, ethereum and other virtual assets, against fiat currency and virtual asset pairs. It currently operates from Dubai and is in the process of setting up operations in Abu Dhabi.
The virtual asset market is currently surging, with market prices of many tokens reaching all-time highs this year. Last week, bitcoin and ethereum recorded prices of $64,758 and $2,397, respectively. Factors including an increase in institutional interest and growth on DeFi (Decentralized Finance) applications and stable coins signals a continued positive trend.