Dubai crypto platform opens Bahrain office in GCC expansion drive

Mena market has shown remarkable dynamism and resilience in embracing virtual assets

Issac John

Published: Thu 20 Jun 2024, 5:50 PM

BitOasis, which recently reopened its Dubai platform, said on Thursday that it would open an office in Bahrain as part of its GCC expansion drive.

The Dubai-based crypto trading platform has received a Category 2 Crypto-Asset Services Licence from the Central Bank of Bahrain shortly after it reopened its trading platform in Dubai to new retail and institutional users following the Virtual Assets Regulatory Authority (VARA) lifting an earlier suspension of its MVP Operational license on 12 April 2024, the trading platform said in a statement.

The regulatory approval in Bahrain will enable BitOasis to launch its new broker-dealer platform through its local company in the Kingdom, BitOasis Bahrain. Located in Bahrain Fintech Bay, BitOasis Bahrain will be home to a small team of core employees at its inception, with the company gradually growing its presence in the Kingdom as it works to launch its new platform, expected to go live in the second half of 2024.

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BitOasis Bahrain will serve retail, corporate, and institutional clients in Bahrain and the broader Mena region, with an initial focus on its broker-dealer product.

Ola Doudin, co-founder and chief executive officer of BitOasis, said securing the new license and launching its office in the Kingdom marks a significant step in BitOasis’ strategic expansion across the 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 characterised by rapidly and dynamically evolving technology.”

Driven by a forward-looking regulatory momentum, diverse economic conditions, and a young, tech-savvy population, the broader Mena market has shown remarkable dynamism and resilience in embracing virtual assets. According to Chainalysis, the region was the fastest growing market in 2021-2022 with a total value of $566 billion received, and continued to maintain a strong performance in 2022-2023, receiving a total of $389.8 billion despite the difficult market conditions.

Launched in 2016, BitOasis has emerged as the go-to-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 inception, the company has processed over $6 billion in trading volume and raised more than $40 million in funding from leading regional and global investors.