-based BitOasis has reportedly secured preliminary approval with financial regulators, Bloomberg on May 13.
Founded in 2015, BitOasis claims to be the Middle East’s first digital currency that uses multi-signature technology. The company previously that it was seeking to be fully licensed in the financial center Abu Dhabi Global Market (ADGM) before the end of this year. Ola Doudin, the founder and CEO of BitOasis said then that “we are hoping to be one of the first regulated exchanges to get that licence.”
Today, Bloomberg reported that BitOasis received preliminary approval in April from the Financial Services Regulatory Authority of ADGM to operate a crypto asset platform and wallets. To get a license, the exchange has to meet specific technical and operational requirements, which it expects to do in the second half of the year. Doudin reportedly said:
“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.”
The UAE has been demonstrating a proactive approach toward . Last September, Richard Teng, head of the Financial Services Regulatory Authority of the ADGM, that loss and theft of negatively impacts its image as an asset. “This space needs to be properly regulated, otherwise there is the risk of financial . Every time a coin gets stolen or lost, it affects the confidence in this asset class,” Teng said.
In February of this year, six commercial from Saudi Arabia and the UAE a digital currency project after the authorities of both the countries an agreement to cooperate on the creation of a in January.
As Cointelegraph last October, the also intends to use a digital currency backed by the state and pegged to the UAE’s fiat currency, the dirham, for utilities payments.
Published at Mon, 13 May 2019 20:44:21 +0000