The authority in charge of regulating virtual assets in Dubai, known as VARA, has issued a warning about the ongoing supervision and legal actions taken against BitOasis.
BitOasis received a temporary license on 12 April 2023 that allowed it to operate in the market, but only if it met certain requirements within 30-60 days. However, BitOasis did not meet these requirements within the given timeframes, so VARA, the regulatory authority, has taken action against the company.
Based on the information given, BitOasis cannot currently operate its Licence for Institutional and Qualified Retail Investors until it meets certain requirements needed to apply for the Full Market Product Licence. VARA will oversee and ensure compliance with regulations and the completion of necessary actions by BitOasis.
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