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...

  The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority in a bilateral meeting in Abu Dhabi on 29 May, have agreed to enhance collaboration between the two jurisdictions on virtual asset regulations and development.   In addition, the two central banks facilitated discussions between their respective innovation hubs on joint fintech development initiatives and knowledge sharing efforts. A joint working group led by the CBUAE and HKMA, with support from the relevant stakeholders of the two jurisdictions’ banking sectors, will be formed to take forward the agreed initiatives. Following the bilateral meeting, the two central banks, joined by senior executives from the UAE and Hong Kong banks, conducted a seminar on key opportunities to pursue between Hong Kong and the UAE. The seminar covered discussions on possible arrangements to facilitate better cross-border trade settlement, how UAE corporates can better utilize the Hong Kong financial infras...

  As per Dubai VARA website, BitOasis, the crypto broker exchange has moved one step forward in its licensing process. It has become the first among VARA’s crypto broker dealers to receive MVP (Minimum Viable Product). operational license one step before the FMP ( Full Minimum Product) Operational License.   CoinMENA, Scallops, and MidChains are still in the first stage as MVP provisional while GCEX has received an MVP preparatory license one step before MVP operational license. BitOasis applied for VARA licensing in March 2022. At the time BitOasis had carried out crypto trades worth $4 billion. Ola Doudin Co-Founder and CEO of BitOasis has stated at the time, “   “We will continue to strive to offer our customers the most customized platform for their local needs in accordance with regulations that will best protect them both now and as the industry evolves.” In April of 2021, BitOasis announced that it had been granted a a Financial Services Permission (FSP) from...

  The virtual regulatory environment is heating up in Dubai and across the UAE as both UAE’s Securities and Commodities Authority and VARA race towards regulating virtual asset entities both across UAE as well as in Dubai. The UAE Securities and Commodities Authority in a recent press release announced that it has opened up registration for those seeking licenses as virtual asset providers across UAE and has added new licensing virtual asset sectors, while Dubai’s VARA is working with both the Dubai’s Department of Economy and Dubai’s free zones to ensure the set deadline of 30th April for all initial disclosure questionnaires (IDQs). As stated in the release all virtual asset providers who have a presence in the UAE with exception to those who are licensed in financial free zones are required to apply for a license from UAE SCA authority while entities in Dubai should apply through the unified requirement of both Dubai’s Virtual Asset Authority and SCA enabling them to quickly ...

The Oman Capital Market Authority has announced that it will  establish the Virtual Assets Regulatory Framework to regulate and develop the market in the Sultanate of Oman. The Capital Market Authority (CMA), which regulates and develops the Sultanate's financial markets for the capital market and insurance sectors, is planning to establish the new proposed regulatory framework for Virtual Assets (VA) and Virtual Asset Service Providers (VASP).  As per the press release, this move highlights the Sultanate’s growing recognition and the CMA's proactive approach to develop the digital assets and fintech industry in Oman. This important initiative in Oman was announced during a public stakeholders engagement session held at the CMA recently and being led by the CMA. By regulating and developing the virtual assets industry, the CMA aims to provide an alternative financing and investment platform for issuers and investors, while mitigating the risks associated with this asset class....

  The UAE Cabinet recently updated some of its legislation which  included those pertaining to virtual businesses and virtual assets. The UAE is considering the provision of services and the conduct of business and activities related to virtual assets and virtual businesses based on its new commercial law.  As such businesses dealing either virtually or with virtual assets are considered commercial businesses within the UAE as on shore businesses. This comes after the UAE Cabinet of Ministers issued its decision on virtual assets regulation in December 2022 and which will come into effect in January. As per UAE’s Undersecretary of the Ministry of Economy, Abdullah Al Saleh, developing the business sector is a strategic goal for the state, and providing a legislative environment that stimulates its growth is a top priority. His comments were made during a media briefing , organized by the Ministry of Economy, to introduce Federal Decree Law No. 50 of 2022 regarding com...

  Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, announced that its financial regulator, the Financial Services Regulatory Authority (FSRA), has published Guiding Principles on its approach to virtual asset regulation and supervision as a way to outline its expectations for the asset class and service providers in the sector. The principles state the FSRA’s risk appetite and priorities for the sector, with each principle covering one of the key pillars of ADGM’s holistic approach, which includes a robust and transparent regulatory framework; high standards of authorization; preventing money laundering and other financial crimes; risk-sensitive supervision; enforcement powers for regulatory breaches; and its commitment to international cooperation. They will therefore be of particular relevance to potential applicants to ADGM and other regulators with an interest in this area. As per the document, The FSRA’s risk appetite for VA activities is s...