ABU DHABI: Dubai-based cryptocurrency platform BitOasis has gained regulatory approval from the Abu Dhabi Global Market (ADGM) as it prepares to launch the first licensed crypto exchange in the Middle East.
BitOasis is now authorized to operate a regulated multilateral trading facility and custody platform for virtual assets on the ADGM that will allow retail investors and institutions to trade cryptocurrencies with local currencies, it said in an emailed press release.
BitOasis, which currently offers all its services through its website, said it will eventually migrate its operations to ADGM. The company launched in 2015.
“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 subject to further regulatory approvals from the FSRA,” said Ola Doudin, CEO and co-founder of BitOasis.
