BitOasis, a Dubai-based crypto trading platform, will open an office in Bahrain after receiving a Category 2 Crypto-Asset Services Licence from the Central Bank of Bahrain (CBB).
According to the co-founder and CEO of BitOasis, Ola Doudin, the new license marks a significant development in BitOasis’ strategic expansion across the Gulf Cooperation Council (GCC).
“With regulation at the forefront of a maturing regional crypto market, we are delighted to have secured this new license from the Central Bank of Bahrain. The Central Bank’s commitment and leadership in regulating our industry allows businesses like BitOasis to launch cutting-edge products in an industry characterized by rapidly and dynamically evolving technology,” Doudin said.
The regulatory approval in Bahrain will enable BitOasis to launch its broker-dealer platform through its local company. Located in Bahrain Fintech Bay, BitOasis Bahrain will house a small team of employees, with the company gradually expanding its presence in the Kingdom.
BitOasis Bahrain will serve retail, corporate, and institutional clients in Bahrain and the MENA region, with an initial focus on its broker-dealer platform.
The MENA region, driven by a progressive regulatory momentum, diverse economic conditions, and a young, tech-savvy population, has shown remarkable dynamism and resilience in embracing virtual assets. A recent report by PwC noted that crypto transactions in the region surged by over 30% in 2022, with total market activity estimated at $480 billion.
Launched in 2016, BitOasis has emerged as the platform for retail and institutional investors, as well as high-net-worth individuals across the GCC and the broader Mena region, to buy, sell, and hold over 60 tokens with fiat currencies such as AED, SAR, and USD. Since its launch, BitOasis has processed over $6 billion in trading volume and raised $40 million from top regional and global investors.
