The Dubai Virtual Assets Regulatory Authority (VARA) issued a market alert on July 10 on local crypto exchange BitOasis.

The notice states that BitOasis’s conditional MVP license has been suspended because it failed to meet the related requirements.

Dubai issued BitOasis an MVP license on April 12, 2023, giving the company the ability to conduct market operations within limited periods of 30 to 60 days. However, BitOasis’ inability to meet the stipulated conditions within these time frames led to VARA’s punitive measures.

The MVP license, which stands for Minimally Viable Product License, is a preliminary license that does not allow full operations in the Dubai crypto market. VARA also stated that BitOasis would not be able to apply for the Full Market Product License (FMP) until the company meets the necessary conditions. It also said that the BitOasis License for Institutional and Qualified Retail Investors remains “non-operational.”

VARA said it will continue to monitor BitOasis’ compliance with corrective actions and regulatory benchmarks. The regulator explained that the latest alert is merely public notice and should not replace due diligence by individual investors.

Dubai attracts other crypto companies

The latest actions against BitOasis highlight regulatory developments that have allowed and restricted crypto activity in Dubai.

Dubai sent an unrelated rebuke to another cryptocurrency exchange, OPNX, in April 2023. It accused the platform of operating as an unlicensed and unregulated platform and issued a cease and desist order against the company and its operators.

Despite those recent regulatory actions, Dubai, and more generally the United Arab Emirates (UAE), are often considered crypto-friendly areas. Both Coinbase and Ripple have recently considered the region as a potential offshore base.

Other companies such as Bybit, and OKX have obtained the Dubai MVP license and are currently permitted to operate in the area. Binance also licensed MVP in September 2022 after attempting to do so in March of that year.

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