The Dubai Department of Economy and Tourism and the Virtual Assets regulatory Authority have signed an MOU to unify VASP ( virtual asset service provider) offering in the city. The two entities will collaborate to offer a synchronised VA market assurance across the Emirate of Dubai – spanning [Public/Marketplace] Customer Care + Complaints; [Business] On-Site Inspection + Enforcement; [Business] VASP Registration + Licensing; [G2G + G2B + G2C] Education-Training-Knowledge Sharing. As per the MOU, both parties agree to pool their complementary capabilities to lay robust foundations that will aid Dubai's GDP contribution to the expanding global New Economy portfolio, reinforcing the city’s reputation as an attractive, innovative, and secure global hub for Virtual Asset Service Providers (VASPs), operators, and customers. The MoU's scope further strengthens VARA's commitment to achieving full transparency and market conduct adherence across VASPs licensed to operate in...

  A day after Dubai’s virtual asset regulatory authority issued a market notificiation stating that it had taken enforcement actions against BitOasis and advised investors and consumers that BitOasis’s MVP operational license is under review for not meeting mandated conditions, BitOasis replies back that this does not effect the services being offered to existing customers.  BitOasis was supposed to satisfy certain requirements within 30-60 days of receiving their MVP operational license prior to being permitted to undertake any VARA regulated market activity.  As such VARA is  exercising its authority to supervise and monitor compliance, assure fulfilment of prescribed conditions, impose remedial measures, and take necessary enforcement actions, including but not limited to holding BitOasis’ Licence status as non-operational. In response to this BitOasis replied , “ BitOasis  ongoing work to fulfill select conditions associated with its Operational MVP Licens...