BitOasis announced on Thursday that it will open an office in Bahrain as part of its GCC expansion drive. BitOasis recently reopened its Dubai platform.
The Central Bank of Bahrain granted the Dubai-based cryptocurrency trading platform a Category 2 Crypto-Asset Services License not long after it reopened its trading platform to new retail and institutional users on April 12, 2024, after the Virtual Assets Regulatory Authority (VARA) lifted the suspension of its MVP Operational license. The trading platform released a statement at that time.
Through its local business in the Kingdom, BitOasis Bahrain, BitOasis will be able to introduce its new broker-dealer platform following regulatory approval in Bahrain. Nestled in Bahrain Fintech Bay, BitOasis Bahrain will initially employ a small group of core personnel. As it works toward launching its new platform, which is scheduled to go live in the second half of 2024, the company will progressively expand its footprint in the Kingdom.
Serving clients in Bahrain and the wider Mena region, BitOasis Bahrain will initially concentrate on its broker-dealer product and cater to retail, corporate, and institutional customers.
The Mena market has demonstrated remarkable resilience and dynamism in embracing virtual assets, thanks to diverse economic conditions, a youthful and tech-savvy population, and forward-thinking regulatory momentum. The region had the fastest-growing market in 2021–2022, per Chainalysis.
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