BitOasis and CoinDCX, two prominent cryptocurrency platforms, have obtained Virtual Asset Service Provider (VASP) licenses in Dubai, marking a significant milestone in their regional expansion efforts. The announcement on Nov. 21 highlights Dubai’s growing role as a global hub for digital assets, supported by its comprehensive regulatory framework under the Virtual Assets Regulatory Authority (VARA).
The VASP license enables both platforms to offer a wide range of crypto services, including trading, custody, and token issuance, in compliance with local regulations. BitOasis, a Middle East-based exchange, and CoinDCX, one of India’s largest crypto platforms, emphasized their commitment to adhering to VARA’s stringent standards to ensure consumer protection and operational transparency.
Dubai has emerged as a leading destination for crypto companies, attracting global players with its progressive policies and supportive infrastructure. The city’s regulatory clarity contrasts with the challenges faced by crypto firms in jurisdictions with stricter or ambiguous laws. For BitOasis and CoinDCX, the VASP license not only enhances their credibility but also positions them to tap into a rapidly expanding regional market.
The licenses come as demand for digital assets grows across the Middle East and beyond. Industry experts believe this development could encourage more global crypto companies to seek regulatory approval in Dubai, further solidifying its reputation as a digital asset innovation hub. Both BitOasis and CoinDCX have expressed optimism about their growth prospects in the region under this regulatory framework.
