BitOasis, one of the earliest cryptocurrency exchanges to set up in the UAE, said it has applied for a new licence from the Dubai Virtual Assets Regulatory Authority (Vara).
It said it received provisional approval to operate in the emirate as it undertakes an in-depth process of applying for a licence in accordance with the requirements set by Vara, the company said in a statement on Wednesday.
Dubai-based BitOasis has so far carried out cryptocurrency trades in excess of a total of $4 billion.
“We will continue to strive to offer our customers the most customised platform for their local needs in accordance with regulations that will best protect them both now and as the industry evolves,” Ola Doudin, co-founder and chief executive of BitOasis, said.
This month, Dubai became the first in the region to adopt a law to regulate virtual assets in an effort to provide investors a safe environment while embracing emerging technologies as interest in them grows.
Vara serves as the single custodial entity mandated to licence and govern the burgeoning cryptocurrency sector in Dubai, including all mainland and free zones, excluding the autonomous Financial Free Zone at the Dubai International Financial Centre.
Following the announcement, the world’s largest cryptocurrency exchange, Binance, and FTX Europe secured virtual asset licences to operate in Dubai.
Cryptocurrency exchange Bybit also said on Monday it received approval to conduct virtual assets business in Dubai and plans to set up its global headquarters in the emirate.
Singapore-based cryptocurrency exchange crypto.com also said it will establish its regional hub in Dubai.
Dubai's Vara stressed that the new regulations are meant to support UAE home-grown enterprises, said Helal Saeed Almarri, director general of the Dubai World Trade Centre Authority that houses the regulating authority.
“Building strong foundations for the global future economy, Vara is pleased to facilitate the onboarding of BitOasis into our ecosystem. We value the new sector-knowledge and experience-driven learning that BitOasis brings as a platform that has been built in and from Dubai and scaled successfully across the region.”
We will continue to strive to offer our customers the most customised platform for their local needs in accordance with regulations that will best protect them both now and as the industry evolves
Ola Doudin,
co-founder and chief executive of BitOasis
“Even as BitOasis works through their specialised Vara licensing, we want to ensure they are able to continue to credibly service their existing business, in so far as they are appropriately licensed by the relevant UAE authorities.”
BitOasis offers two services, according to its website. Its Core platform allows users to buy, sell and trade in more than 20 cryptocurrencies with zero per cent fees.
Its higher-end Pro service lets users trade more than 40 cryptocurrencies in fiat pairs in real time with sophisticated trading charts and order types. Both can be managed and tracked on the go.
The company was founded in 2015 and has about 60 employees based across its network of offices in Abu Dhabi, Amman, Istanbul, and Riyadh.
BitOasis operates a virtual asset platform focused on the GCC and Mena regions, serving English and Arabic-speaking audiences.
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German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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Our legal consultant
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
