DUBAI, May 1 Reuters BitOasis, a Middle Eastfocused crypto exchange based in the United Arab Emirates, has received the first brokerdealer minimum viable product operational license from Dubai39;s crypto regulator, the company said on Monday.

Dubai39;s Virtual Asset Regulatory Authority VARA was formed in March 2022 to regulate the emerging virtual asset sector in the emirate, as the United Arab Emirates pushes to become a global hub for the industry.

VARA licenses firms in a series of stages. BitOasis, which received provisional approval to start the licensing process in March 2022, is the first brokerdealer to complete the minimum viable product MVP stage.

No firm has yet been licensed under the full market product FMP stage, according to VARA39;s website.

BitOasis can now provide brokerdealer services to qualified retail and institutional investors from its headquarters in Dubai under the VARA39;s regulatory regime, the company said in a statement.

The VARA ecosystem aims to strike a balance between value creation, risk mitigation and enhanced investment opportunities with consumer protection at its core, VARA CEO Henson Orser said.

Writing by Lisa Barrington; Editing by Robert Birsel

Source Reuters