Bitoasis, a five-year-old crypto exchange that is UAE-based has unveiled that it is set to get approval to operate in the Middle East. The exchange disclosed that it got preliminary approval in April. The second license will see it become the first licensed crypto exchange in the region.
The Regulatory Scope of the Crypto Space
The crypto space is still widely unlicensed and unregulated. Leading financial hubs have been slow regarding the creation of crypto rules. Their sluggishness has given smaller countries like Malta and Liechtenstein the chance to come up with crypto rules. According to a report, Bahrain, the smallest country in the Arab World also issued crypto rules.
Bitoasis Poised for Greatness
The crypto exchange noted that it handled transactions worth $1.6 billion in the past two years. This figure makes it one of the biggest crypto bourses in the Middle East. The organization will get the license once it meets some technical and operational requirements. Bitoasis added that it will take care of these needs in the second half of this year.
Ola Doudin, Bitoasis’ CEO said,
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.
Doudin added that Bitoasis seeks to center its attention on Gulf Cooperation Council countries. She further stated that the exchange believes Saudi Arabia presents a big growth opportunity.
She also noted that Bitoasis has been working closely with the FRSA. On top of this, Doudin said Bitoasis hopes this collaboration will see it become the first regulated crypto exchange in the region.
During the 2017 crypto rally that saw BTC hit $20,000, Bitoasis signed up more members than ever before. At one point, the exchange used seven days to process account verification requests. At the moment BTC is changing hands at $7,306 according to data from Coinmarketcap.
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