Dubai’s regulator points alert relating to BitOasis

Dubai’s Digital Asset Regulatory Authority (VARA) has issued a market alert relating to ongoing supervisory controls, and enforcement actions initiated towards BitOasis.

BitOasis was issued a conditional MVP Licence on 12 April 2023 that might allow market operations upon the entity’s fulfilment of key circumstances over 30-60 day timeframes. On account of BitOasis not assembly these mandated circumstances throughout the prescribed timelines, VARA has initiated warranted regulatory actions towards the entity.

In mild of the above, the entity’s Licence for Institutional and Certified Retail Traders stays ‘non-operational’, till aforementioned circumstances subsequent are fulfilled, to ensure that BitOasis to use for the Full Market Product [FMP] Licence.

VARA says it is going to proceed to observe the scenario for regulatory compliance, and fulfilment of remedial actions imposed on BitOasis.