Cryptocurrency exchange BitOasis is forging ahead with regional expansion plans after securing a key license in Bahrain. This comes just two months after Dubai authorities lifted a suspension on BitOasis’ operations.
The Bahrain license, a Category 2 Crypto-Asset Services Licence issued by the Central Bank of Bahrain (CBB), paves the way for BitOasis to establish a local subsidiary, BitOasis Bahrain. This subsidiary will operate a new broker-dealer platform aimed at serving retail, corporate, and institutional clients across Bahrain and the wider Middle East and North Africa (MENA) region.
The move into Bahrain signals BitOasis’ confidence in the evolving regulatory landscape for cryptocurrency in the region. Bahrain has been a pioneer in embracing crypto and fintech, establishing a regulatory framework specifically designed for crypto-related businesses. This stands in contrast to the situation in Dubai, where BitOasis’ operations were temporarily suspended in July 2023 due to the company’s failure to meet certain licensing requirements within the stipulated timeframe.
Dubai’s Virtual Assets Regulatory Authority (VARA) lifted the suspension in April 2024, allowing BitOasis to resume its activities in the emirate. The company has since reopened its trading platform to new investors.
Obtaining the CBB license marks a significant milestone for BitOasis’ regional ambitions. Bahrain’s supportive regulatory environment and focus on innovation align well with BitOasis’ own goals of providing a secure and compliant platform for cryptocurrency trading in the MENA region.
While BitOasis Bahrain will initially house a small team, the company expects to grow its presence in the kingdom as it prepares to launch its new platform in the second half of 2024. The platform will offer a range of broker-dealer services, catering to the specific needs of its diverse client base.
BitOasis’ expansion into Bahrain reflects a broader trend of cryptocurrency businesses seeking out jurisdictions with clear and well-defined regulations. As regulatory frameworks around the world continue to evolve, BitOasis is well-positioned to capitalize on growth opportunities in the MENA region and beyond. The company’s experience in navigating the regulatory landscape in Dubai will undoubtedly prove valuable as it establishes itself in Bahrain and explores new markets.
