BitOasis on track to become a regulated crypto-exchange in the Middle East

Cryptocurrency exchange BitOasis is on track to receive a license to operate in the Middle East after being granted in-principle approval from the U.A.E's financial regulator.

The Dubai-based platform, which launched in 2015, announced today that it had received approval from the Financial Services Regulatory Authority at the Abu Dhabi Global Market to operate as a regulated crypto trading platform and digital wallet in the region.

Following a 2018 announcement from the ADGM that it would be establishing guidelines to regulate crypto asset activities, BitOasis has been "Working closely with regulators," she said.

Last November BitOasis expanded its crypto offerings to users in Egypt, Jordan, and Morocco, adding onto trading pairs available in Bahrain, Oman, Saudi Arabia, and the United Arab Emirates.

According to the blog post, BitOasis is continuing with its promise of being the most competitive exchange for its users in the Middle East.

As a result, how exchanges operate, especially in light of Bitwise's report suggesting 95 percent of exchange volume is faked, is often a topic of discussion.

Of course, with the ADGM issuing a regulatory framework to license crypto asset exchanges and the Central Bank of Bahrain introducing a comprehensive set of cryptocurrency regulations, it seems clear that a regulated approach may be the way forward.

This is particularly noted in the Middle East as it looks to become a leader in the financial world by embracing digitally-enabled economies.

Update 11:18PM Pacific time- a previous version of this article stated BitOasis would become the first regulated crypto exchange in the Middle East.

The article title and content were updated to reflect that fact it would not be the first crypto exchange in the Middle East to be licensed.