Abu Dhabi’s financial services watchdog has granted ‘in principle’ approval for BitOasis to operate as a crypto asset exchange and custodian within the Abu Dhabi General Market (ADGM).
The decision, granted by the ADGM’s Financial Services Regulatory Authority, will enable BitOasis to carry out a range of regulated activities pending the award of a full licence.
Should the full licence be granted, it would fulfil BitOasis’s ambition to be the first fully licensed and regulated crypto asset exchange in the region, having launched in 2015.
According to chief executive and co-founder Ola Durdin, BitOasis is aiming to provide a variety of token-based services to retail and professional investors.
Abu Dhabi launched a Crypto Asset Regulatory Framework in 2018 to govern the spot trading of crypto assets by service providers such as exchange and custodians.
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