Dubai’s Virtual Asset Regulatory Authority (VARA) has issued a market alert regarding ongoing supervisory controls, and enforcement actions initiated against BitOasis.

BitOasis was issued a conditional MVP Licence on 12 April 2023 that would permit market operations upon the entity’s fulfilment of key conditions over 30-60 day timeframes. As a result of BitOasis not meeting these mandated conditions within the prescribed timelines, VARA has initiated warranted regulatory actions against the entity.

In light of the above, the entity’s Licence for Institutional and Qualified Retail Investors remains ‘non-operational’, until aforementioned conditions subsequent are fulfilled, in order for BitOasis to apply for the Full Market Product [FMP] Licence.

VARA says it will continue to monitor the situation for regulatory compliance, and fulfilment of remedial actions imposed on BitOasis.