BitOasis, which just reopened its Dubai platform as part of its GCC expansion drive, announced on Thursday that it would open an office in Bahrain.
Shortly after the Virtual Assets Regulatory Authority (VARA) lifted an earlier suspension of its MVP Operational license on April 12, 2024, the Dubai-based cryptocurrency trading platform reopened its trading platform to new retail and institutional users. The trading platform then released a statement announcing that it had received a Category 2 Crypto-Asset Services Licence from the Central Bank of Bahrain.
BitOasis will be able to introduce its new broker-dealer platform through BitOasis Bahrain, its local company in the Kingdom, thanks to regulatory approval in Bahrain. BitOasis Bahrain, situated in Bahrain Fintech Bay, will initially employ a small group of core staff members. As it works to launch its new platform, which is anticipated to go live in the second half of 2024, the company will progressively expand its presence in the Kingdom. With an initial emphasis on its broker-dealer product, BitOasis Bahrain will cater to retail, corporate, and institutional clients in Bahrain and the larger Mena region.
The broader Mena market has demonstrated remarkable resilience and dynamism in embracing virtual assets, driven by a young, tech-savvy population, diverse economic conditions, and forward-thinking regulatory momentum. Chainalysis claims that in 2021–2022, this region had the fastest-growing market.
