Dubai's new crypto regulator brings UAE firm BitOasis under its wing

FILE PHOTO: Representation of cryptocurrency Binance Coin, the native token of the cryptocurrency exchange, is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration

DUBAI (Reuters) - BitOasis, a Middle East-focused crypto exchange based in the United Arab Emirates, has received provisional approval from Dubai's new crypto regulator, as the UAE pushes to become a centre for the virtual asset sector.

Dubai, one of the UAE's seven emirates and the region's trade hub, this month issued its first law governing digital assets and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector.