BitOasis, a five-year-old Crypto Exchange operating in the Middle East is set to become the first to get a special license to operate in the region after receiving an initial nod from the United Arab Emirates. BitOasis is just one step away from releasing a custodian and trading platform in UAE after getting in-principal IPA from the nation's financial regulator. 

The bitcoin startup declared on Monday that Financial Services Regulatory Authority (FSRA) at the Abu Dhabi Global Market (ADGM) has offered it IPA in April to operate crypto asset platform and wallets. Thus, the firm has cleared a regulatory hurdle for the company. It now has to fulfill some of the specific requirements for the IPA to gets a license before it starts offering its services. 

BitOasis states it handled $1.6 billion in trade in the last two years, making it one of the biggest in the region. Currently, BitOasis claims that the IPA is still essential and might help it become the first regulated exchange as well as a custodian in the Middle East.

The exchange which refers itself as "the largest crypto asset platform and exchange" in the region already stated it has been working with regulators since 2018 with a special focus on the UAE, even though it has talked with regulators across the region.

The firm said in a statement,

“The IPA serves as an important milestone and achievement for the company in its journey as it aims to become the first licensed and regulated crypto asset exchange and custodian in the Middle East, and among a group of few regulated exchanges in the space globally.”

BitOsais Founder, Ola Doudin said in a statement that the exchange hopes to relaunch its platform this time as a regulated entity in 2020. The Startup also hopes to add more crypto asset products and try to extend its services in new markets like Saudi Arabia. 

She said, “This is a huge milestone.” “It gives us legitimacy as well, and we can now work with regulated financial entities. We’re able to work with other regulators in the region, such as Saudi Arabia. Overall, it will boost our growth in the region, legitimize the space and expand our reach in the market.”