BitOasis announced that is has received preliminary approval from the financial services regulatory authority of Abu Dhabi Global Market Authoriesi to operate a crypto asset platform and wallets.
BitOasis has been in the region for the past five years with presence in UAE, Kuwait, Bahrain, Oman and KSA.
According to BitOasis it has handled $1.6 billion in trades in the last two years. In the press release Ola Doudin stated, “ The company is set to get a license once it satisfies certain technical and operational requirements, which it plans to do in the second half of the year. This is a huge milestone, It gives us legitimacy as well, and we can now work with regulated financial entities. We’re able to work with other regulators in the region, such as Saudi Arabia. Overall, it will boost our growth in the region, legitimize the space and expand our reach in the market.”
The company aims to focus mainly on Gulf Cooperation Council countries for the next year, with Saudi Arabia particularly seen as an opportunity for growth, she added.