Just months after it received Dubai’s first operational license, bitoasis had its crypto license suspended for not meeting “key conditions” according to the local regulator.
VARA said BitOasis’ conditional license, granted April 12, permitted it to operate provided the firm met “key conditions over 30-60 day timeframes” which the regulator said hadn’t been met.
VARA did not detail what conditions BitOasis failed to meet, but until it can fulfill the conditions the firm's “Licence for Institutional and Qualified Retail Investors remains ‘non-operational,’” according to the regulator. BitOasis received the first of the city’s “minimum viable product operational licenses” from VARA allowing it to provide broker-dealer services to Dubai’s qualified institutional and retail investors according to a May blogThe license is the last of a multi-step process before a Full Market Product license is issued. Currently, VARA has notBitOasis will have to meet the conditions set out in its current license in order to apply for the FMP license, VARA explained.
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