VARA Halts Crypto Exchange BitOasis Operations in Dubai

The regulatory body in Dubai, VARA, recently enforced enforcement actions on one of the crypto exchanges based in the territory – BitOasis – for violating predetermined conditions. VARA gave a range of 30-60 days for the exchange to comply with the set standards but they failed to do so and were consequently met with swift penalisation. Although VARA failed to relese specific details about the infringements, they did confirm that as the result of the incident, licenses issued that allowed BitOasis to work with Qualified Retail Investors, where annulled. The exchange had previously obtained a license which gave it permission to provide mediator services to both institutional and retail investors, however, a Full Market Product License still hasn’t been issued to anyone since. The consequences of not complying with the increasinly more myriad digital regulations aims to act as a warning to all players to pay more heed to regulations of the crypto sector. Despite the misfortune of some players, it is not doom and gloom across the board. Projects like Xccurate are actively facilitating IRM integration to help regulated entities meet and adhere to both internal and external complexities of Emirati legislation.

Robert Wilson author
Articles: 12200