MENA crypto broker BitOasis receives license in Bahrain

MENA crypto trading platform, BitOasis has received a Category 2 crypto asset service license from the Central Bank of Bahrain. Category 2 licenses support trading in accepted crypto assets as an agent, portfolio manager, crypto-asset custody service, and investment advice provider.

Also read: Dubai’s regulator suspends BitOasis crypto exchange license

This is the first license for BitOasis in the GCC (Gulf Cooperation Council) and MENA (Middle East and North Africa) region. BitOasis is still waiting for a full license in Dubai after its license process became active again. Currently, BitOasis is offering crypto trading services to retail and institutional investors in the UAE.

BitOasis to serve clients with broker-dealer services

Per the press release, BitOasis’ license in Bahrain is part of its GCC expansion. BitOasis Bahrain, the local entity of BitOasis, is located in Bahrain Fintech Bay, and its platform is expected to go live by the second half of 2024.

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, “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.” 

BitOasis launched in 2016 and currently offers over 60 tokens, allowing users to buy, sell, and hold them with fiat currencies such as AED, SAR, and USD. Since its inception, the company has processed over six billion US dollars in trading volume and raised more than 40 million US dollars in funding from leading regional and global investors.

BitOasis is not the only crypto service provider in Bahrain

BitOasis is not the first crypto service provider to receive a license from Bahrain’s central bank. The first license was granted to RAIN, followed by Binance, then CoinMENA, and most recently ARP Digital. ARP Digital, CoinMENA, and Rain all hold Category 3 licenses, while only Binance holds a Category 4 license. As such BitOasis will be the only Category 2 license in Bahrain so far.

Also read: BitOasis receives active operational go ahead

As per Bahrain licenses, a Category 1 license is issued to market participants providing investment advisory services, Category 2 licenses for trading in accepted crypto assets as an agent, portfolio management & crypto-asset custody service, as well as providing investment advice. Category 3 licenses are obtained for trading in accepted crypto assets as an agent, trading in accepted crypto assets as a principal, portfolio management, keeping custody of crypto-asset, as well as providing investment advice Crypto exchanges receive a Category 4 license.

Cryptopolitan reporting by Lara Abdul Malak