BitOasis, a Dubai-based crypto trading platform, has recently announced its plans to expand its operations in the GCC region by opening an office in Bahrain. The platform has received a Category 2 Crypto-Asset Services Licence from the Central Bank of Bahrain, allowing it to operate in the country. This expansion comes shortly after the platform reopened its trading platform in Dubai to new retail and institutional users following the lifting of an earlier suspension by the Virtual Assets Regulatory Authority (VARA).
The regulatory approval in Bahrain will enable BitOasis to launch its new broker-dealer platform through its local company, BitOasis Bahrain. The new office, located in Bahrain Fintech Bay, will initially house a small team of core employees with plans to grow its presence in the Kingdom. The new platform is expected to go live in the second half of 2024 and will primarily focus on serving retail, corporate, and institutional clients in Bahrain and the broader Mena region.
Ola Doudin, the co-founder and CEO of BitOasis, expressed her excitement about securing the new license and launching the office in Bahrain. She highlighted the importance of regulation in the maturing regional crypto market and commended the Central Bank of Bahrain for its commitment and leadership in regulating the industry. With the regulatory support in place, BitOasis aims to launch cutting-edge products in a rapidly evolving technology landscape.
The broader Mena market has shown remarkable growth and resilience in embracing virtual assets, driven by forward-looking regulatory momentum, diverse economic conditions, and a young, tech-savvy population. According to Chainalysis, the region was the fastest growing market in 2021-2022, with a total value of $566 billion received. Despite market challenges, the region continued to show strong performance in 2022-2023, receiving a total of $389.8 billion in virtual assets.
Since its launch in 2016, BitOasis has become a popular platform for retail and institutional investors, as well as high-net-worth individuals in the GCC and the broader Mena region. The platform allows users to buy, sell, and hold over 60 tokens using fiat currencies such as AED, SAR, and USD. BitOasis has processed over $6 billion in trading volume and raised more than $40 million in funding from leading regional and global investors, solidifying its position as a key player in the crypto market.
