BitOasis to receive special licence to operate in UAE
United Arab Emirates-based cryptocurrency exchange BitOasis is set to become the first to operate in the Middle East, following a promising response from the United Arab Emirates. Yesterday, Bloomberg confirmed that the preliminary approval was made in April, allowing for the wallet to trade.
The Abu Dhabi Global Market (ADGM) announced in June 2018 that it would begin the process of creating appropriate regulations for crypto asset activities. Ola Doudin, the founder and CEO of BitOasis said that they are “working closely with the regulators,” Financial Services Regulatory Authority (FRSA). BitOasis announced its intentions to become fully licensed in the ADGM before the end of the year. Doudin said then that “we are hoping to be one of the first regulated exchanges to get that licence.”
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Doudin continued “This is a huge milestone. It gives us legitimacy as well, and we can now work with regulated financial entities. We’re able to work with other regulators in the region, such as Saudi Arabia. Overall, it will boost our growth in the region, legitimize the space and expand our reach in the market.”
In the last 30 days bitcoin has increased by 40% increase in value, the highest since September 2018. As a result many other crypto-currencies have benefitted from this rally, including BitOasis, who experienced delays in processing requests due to the volume of new applicants from the Middle East. If agreements can be met on the regulation of blockchain-based trading, BitOasis will become a major contender in cryptocurrencies as it moves from the UAE to global trading.
The FinTech Show: Bitcoin, crypto mining, and payments
In episode six of the FinTech Show (originally broadcast live on 11 June at 2pm BST), Scott Birch and Will Girling discuss:
- El Salvador becoming the first country to make Bitcoin legal tender
- China's decision to clamp down on crypto mining operations
- The new developments in post-COVID payments, including the EU's decision to give every citizen a digital wallet
We also explore the newly released June '21 edition of FinTech Magazine, including a special look at our profile piece on HOOPP and the future of small business lending (guided by iwoca). Special thanks go to Valeria Simantob for providing the front cover of that issue.
Before you go! Follow us on LinkedIn and make sure to tune in on 25 June for the next FinTech Show.