In a bid to remain compliant, more and more crypto exchanges are applying for regulation from local agencies. This fact is true the world over, and BitOasis has become the first crypto exchange serving the middle east and norther Africa to achieve regulation. The Abu Dhabi Global Market Authorities has just granted preliminary regulatory approval to BitOasis, allowing it to carry on operating as a fully licensed and regulated crypto exchange. This new license means it can now look at expanding into Saudi Arabia as the middle eastern crypto markets begin to heat up.
The First Regulated Middle Eastern Crypto Exchange
While there are already a number of crypto exchanges operating in the middle east, BitOasis is the first to get a stamp of approval from a regulatory body in the region. Bahrain’s Central Bank recently released a wave of crypto regulations, but they are a far cry from getting the stamp of approval from the Abu Dhabi Global Market Authorities.
Exchange for Crypto, Wallet for BTC
New users to BitOasis might be slightly confused by the products on offer. Currently, BitOasis has two products – a wallet and an exchange. At the moment, the exchange allows users to trade Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash ABC (BCH), Bitcoin Cash SV (BSV), Ripple (XRP), Litecoin (LTC), ZCash (ZEC), Monero (XMR), Ethereum Classic (ETC), and Stellar (XLM). Meanwhile, the wallet only allows users to hodl and send Bitcoin to other wallet holders – a rather limited feature. BitOasis is working around the clock to upgrade the wallet, and now it has achieved regulation it will likely look at rolling out more supported cryptos for the wallet.
Middle East Heating Up
As the middle east gains new crypto exchanges, more and more comoanies in the region are looking at implementing blockchain systems. Earlier this month, SAAB announced that it’s launching its XRP based cross-border payment system. The new system will allow clients to send money overseas faster and cheaper than ever before. It’s the first time a middle eastern bank has opened up about its blockchain exploration, but it has come as welcome news!
The middle east is quickly becoming a hotbed for crypto activity and as more exchanges in the region become regulated, we will see the market becoming a major factor in the battle for top exchange by trade volume. Middle eastern crypto traders have been active for quite some time, and now with quick and easy on-ramps, the space is going to heat up quickly!
