Latest news with #BitOasis
Khaleej Times
3 days ago
- Business
- Khaleej Times
UAE: Soon, residents can get salaries, pay bills, traffic fines through cryptocurrency
Cryptocurrency is rapidly becoming an integral part of daily life in the UAE, with adoption rates rising across the country. Industry executives say that residents may soon be able to pay for utility bills, groceries, traffic fines, and even receive salaries in cryptocurrency as digital payments become more mainstream. Both public and private sectors are actively driving the adoption of digital currencies, particularly as younger generations show increasing interest in the technology. In a major step toward crypto integration, Dubai recently announced plans to enable cryptocurrency payments for government services. The move follows an agreement between Dubai's Department of Finance and a global cryptocurrency trading platform. 'Dubai's decision to allow residents to pay for government services using cryptocurrency reframes this technology — from an investment tool to a public-sector utility,' said Ola Doudin, CEO and co-founder of BitOasis. 'The adoption and evolution of these use cases will only grow with time. We're not far from a reality where people can settle traffic fines or send money home using the same digital wallet.' Highlighting the practicality of stablecoins in everyday life, Doudin added: 'They may seem like a futuristic innovation, but they're solving real-world problems right now. In countries with high inflation, people use stablecoins to preserve the value of their savings. "Others rely on them to send money abroad faster and at a lower cost than traditional methods. These aren't speculative uses — these are practical, everyday applications of virtual assets." To illustrate the growing adoption of crypto in the UAE, several companies — including property developers, airlines, and fuel retailers — have started accepting cryptocurrency as a form of payment. In a notable legal precedent, a Dubai court last year ordered a company to pay an employee's outstanding dues in both dirhams and cryptocurrency, as stipulated in their contract. 'We anticipate a phased adoption curve,' Doudin explained. 'It will likely begin with government portals, followed by high-value sectors like hospitality, luxury retail, and aviation. Remittances, bill payments, and everyday purchases will follow. Each phase will add liquidity and boost consumer confidence.' She also praised the UAE's regulators for their proactive, forward-thinking approach in establishing clear frameworks for the crypto industry. Sai Mahesh, regional manager at ICM, noted that Dubai's financial infrastructure, the presence of multiple exchanges, and comprehensive regulations are key factors driving crypto adoption. 'I'm seeing both residents and businesses gradually embracing crypto payments across various platforms,' Mahesh said. 'Many small vendors, including restaurants, have started accepting not just Bitcoin but also other cryptocurrencies like Ethereum.' Looking ahead, he believes salaries will also be paid in digital currencies. 'The use of crypto will only increase in the coming years,' he concluded.
Khaleej Times
21-05-2025
- Business
- Khaleej Times
BitOasis expands in Bahrain, aims to empower 1m traders by 2026
BitOasis, a leading Dubai-based virtual assets trading platform, has launched operations in Bahrain, reinforcing its position as a compliant broker-dealer in the Middle East and North Africa (Mena) region. Operating under a Crypto-Asset Services License from the Central Bank of Bahrain, BitOasis Bahrain will offer trading services to retail, corporate, and institutional clients, marking a significant step in the platform's regional expansion. The launch, attended by CEO and co-founder Ola Doudin, general manager Ali Dashti, and CoinDCX co-founder Sumit Gupta, highlights BitOasis's ambition to reach one million users across the Middle East and North Africa (Mena) by 2026. 'This is a milestone in our mission to provide a secure, innovative, and user-focused platform,' Doudin said. Backed by CoinDCX's 200+ technology team since its acquisition in July 2024, BitOasis has enhanced its platform with faster performance, deeper liquidity, and stronger security. The company also introduced premium services for high-net-worth individuals and institutions, including VIP offerings and dedicated support, alongside seamless local bank transfers across the GCC. The Mena region is emerging as a global hub for virtual assets, driven by a young, tech-savvy population and proactive regulatory frameworks. With internet penetration exceeding 99 per cent in the UAE and nearly 60 per cent of the GCC's population under 30, the region is primed for crypto adoption. The GCC's supportive regulatory environment and investments in blockchain infrastructure signal robust growth for the sector. 'As BitOasis strengthens its regional footprint, it is poised to lead the charge in transforming the Mena crypto market, delivering unparalleled opportunities for traders and investors,' a crypto market consultant said. According to IMARC Consulting, the GCC cryptocurrency market, valued at $744.3 million in 2024, is projected to reach $3.5 billion by 2033, growing at a 16.75 per cent CAGR. Notably, 38 per cent of regional crypto users earn over $15,000 annually, reflecting a financially empowered user expansion follows its securing of a full Virtual Asset Service Provider (VASP) License from Dubai's Virtual Assets Regulatory Authority in December 2024. 'MENA is a region we're co-building,' said Gupta. 'With BitOasis, we're creating a secure, compliant, and future-ready platform that's local at heart but global in strength.' Since its founding in 2016, BitOasis has processed over $7.4 billion in trading volume and raised more than $40 million in funding, serving investors across 13 countries with access to over 80 virtual assets.
Coin Geek
20-05-2025
- Business
- Coin Geek
CoinDCX expands to Bahrain via BitOasis acquisition
Getting your Trinity Audio player ready... CoinDCX, India's first digital currency unicorn, has officially entered the Bahraini market through its group company BitOasis—a key step in its broader strategy to expand across the Middle East and North Africa (MENA) region. The move follows CoinDCX's acquisition of Dubai-based BitOasis in 2024, a pivotal milestone in its global growth journey. By 2026, CoinDCX anticipates that more than 30% of its total revenue will come from the MENA region. This expansion into Bahrain comes on the heels of BitOasis securing a full Virtual Asset Service Provider (VASP) License from Dubai's Virtual Assets Regulatory Authority in December 2024. BitOasis continues to lead the virtual asset trading space in MENA, maintaining the highest trading volumes in Emirati Dirhams, according to an emailed statement from CoinDCX. Established in 2018, CoinDCX said it has 'gained the confidence of' global investors, including Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred and Coinbase Ventures. In July 2024, CoinDCX listed the BSV token for trading on its platform, allowing users to have more ways to buy, sell, and trade BSV. With CoinDCX's roughly 15 million registered users, the listing marks a significant expansion into the Indian market for BSV and demonstrates its potential and possibility in the region. 'Our expansion into the MENA region is driven by clear regulatory frameworks, a growing investor appetite, and larger HNI (high networth individuals) investment ticket sizes. BitOasis brings unmatched regional credibility, while CoinDCX contributes the scale and innovation of a 'Made in India' platform,' said Sumit Gupta, co-founder of CoinDCX. 'The results have been impressive—BitOasis has seen a 4x revenue growth, now contributing 20% to our total revenue. Looking ahead, we anticipate the region will account for over 30% of our revenue by 2026,' Gupta added. BitOasis Bahrain will operate under a Crypto-Asset Services License issued by the Central Bank of Bahrain, offering secure, compliant, and reliable trading services to retail, corporate, and institutional clients, according to the statement. The platform is designed to accommodate all levels of traders, featuring a user-friendly interface for beginners, alongside advanced tools and functionalities for seasoned investors. BitOasis has introduced premium services tailored for high-net-worth individuals and institutional clients, including exclusive VIP offerings and personalized relationship management. The platform also enables local bank transfers, ensuring smooth and efficient deposit and withdrawal processes across the Gulf Cooperation Council (GCC). CoinDCX's expansion comes as the MENA region rapidly positions itself as one of the world's fastest-growing markets for virtual assets. This growth is being driven by forward-looking government initiatives across the GCC, with countries like the United Arab Emirates (UAE) investing heavily in blockchain technology and digital infrastructure—underscoring strong institutional backing for the sector's long-term development. This momentum is further supported by a young, tech-savvy population and proactive regulatory frameworks to foster a compliant and dynamic crypto ecosystem. Notably, the United Arab Emirates has set its sights on becoming a global hub for the crypto industry. In 2022, Dubai—widely regarded as the Gulf's business and tourism capital—established the Virtual Assets Regulatory Authority (VARA) to oversee and regulate the emerging virtual asset space. 'Today marks a significant milestone as we proudly launch BitOasis in Bahrain,' said Ola Doudin, CEO and Co-Founder of BitOasis. 'With the backing of CoinDCX for over a year now, we are accelerating that mission…Our ambition is clear: to reach one million users across the region by 2026, setting the gold standard for compliance, innovation, and customer experience,' Doudin added. Since its inception in 2016, BitOasis has processed over $7.4 billion in trading volume and raised over $40 million in funding. 'Crypto' regulation still in limbo India's stance on digital assets has been marked by uncertainty. The central government has approached the sector with caution, most notably introducing one of the world's strictest tax regimes in 2022—a 30% flat tax on digital asset income without the option of loss offsets, and a 1% tax deducted at source (TDS) on transactions exceeding ₹10,000 ($117). According to a study by Indian policy think tank Esya Centre, these measures could result in a cumulative loss of approximately $1.2 trillion in domestic trade volume over time, with an estimated $3.85 billion already shifted to offshore exchanges as traders seek relief from heavy taxation. This regulatory climate is expected to drive industry consolidation in 2025, with smaller exchanges either shutting down or merging with larger players. In 2024, Seychelles-based OKX—the world's second-largest digital asset exchange by trading volume—exited the Indian market, citing regulatory hurdles. Despite growing global momentum toward regulation, India's approach remains ambiguous. Finance Minister Nirmala Sitharaman reiterated in March 2024 that 'cryptocurrencies' cannot serve as legal tender. Furthermore, the government announced in December 2024 that there is no definitive timeline for introducing a comprehensive regulatory framework for virtual digital assets (VDAs), leaving the legal status of crypto businesses in the country unresolved. WazirX awaits Singapore Court's nod to restart WazirX, formerly India's largest digital asset exchange by trading volume, has announced plans to resume operations, contingent on a court ruling. The decision will determine the approval of its proposed restructuring and compensation plan following a $234 million cyber attack in July 2024. North Korea's Lazarus Group was responsible for the WazirX hack. In a May 14 update, WazirX said that the hearing for SUM 940 took place on May 13, 2025, before the Singapore Court. 'SUM 940' refers to the legal application filed by the company in the Singapore High Court, seeking formal approval—known as a sanction—for the Scheme of Arrangement following the conclusion of creditor voting. WazirX said that this is a standard and essential step in the restructuring process, as the Scheme must be legally sanctioned by the Court before any distributions can be made and the platform can resume operations. 'While no orders were made at this stage, the Court has directed the Company to file a further affidavit(s) by 23 May 2025, and extended the existing moratorium to 6 June 2025,' WazirX said. 'The Court has not yet set another hearing date. The Court will likely make any decision with respect to SUM 940, which includes determining if another hearing is necessary, following the receipt and assessment of the Company's affidavit(s) due 23 May 2025.' Watch: India posed to become leaders in Web3 title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Daily Tribune
19-05-2025
- Business
- Daily Tribune
BitOasis Officially launches Trading operations in Bahrain
BitOasis, a leading virtual assets trading platform in the Middle East and North Africa (MENA), has officially launched operations in Bahrain, further consolidating its role as a compliant and trusted crypto broker-dealer in the region. The Bahrain arm of BitOasis will operate under a Crypto-Asset Services License issued by the Central Bank of Bahrain, offering digital asset trading services to retail, corporate, and institutional clients. 'This launch is a key milestone,' said Ola Doudin, CEO and Co-Founder of BitOasis, during the official inauguration attended by Ali Dashti, General Manager of BitOasis Bahrain, and Sumit Gupta, Co-Founder of CoinDCX. 'With CoinDCX's tech infrastructure and support, we're aiming for one million users by 2026 and striving to set the gold standard in compliance and customer experience.' BitOasis, which was acquired by Indian crypto unicorn CoinDCX in July 2024, now benefits from the technical muscle of CoinDCX's 200+ member tech team—resulting in improved platform performance, security, and product offerings. The Bahrain launch includes premium services for high-net-worth and institutional clients, alongside local banking integration for seamless GCC-wide deposits and withdrawals. The move comes as the MENA region experiences rapid crypto market growth, driven by tech-savvy youth, proactive regulations, and supportive government strategies. According to IMARC Consulting, the GCC crypto market—valued at $744.3 million in 2024 —is expected to soar to $3.5 billion by 2033, with a projected CAGR of 16.75%. 'Since securing a full VASP License in Dubai last December, BitOasis has made tremendous strides,' said Gupta. 'Our launch in Bahrain signals our deep commitment to co-building a secure and compliant crypto ecosystem across the MENA region.' Founded in 2016, BitOasis has processed over $7.4 billion in trading volume and raised more than $40 million in funding.
Finextra
15-05-2025
- Business
- Finextra
BitOasis expands to Bahrain
BitOasis, the Middle East and North Africa's (MENA) leading regional virtual assets trading platform, has officially launched its operations in Bahrain, reinforcing its position as the region's most trusted, compliant, and locally rooted broker-dealer platform. 0 BitOasis Bahrain will operate under a Crypto-Asset Services License from the Central Bank of Bahrain, delivering secure, compliant, and robust trading services for retail, corporate, and institutional users. Designed to cater to all types of traders, it offers an easy-to-navigate interface for beginners, while also providing advanced features for more experienced traders seeking sophisticated tools. To expand its presence in the region, BitOasis has launched premium services for high-net-worth individuals and institutional clients, featuring exclusive VIP offerings and dedicated relationship support. The platform also supports local bank transfers, ensuring seamless and efficient deposits and withdrawals across the GCC. Attendees at the launch event were joined by Ali Dashti, the General Manager of BitOasis Bahrain, Ola Doudin, CEO and Co-Founder of BitOasis, and Sumit Gupta, Co-Founder of CoinDCX. 'Today marks a significant milestone as we proudly launch BitOasis in Bahrain,' said Ola Doudin, CEO and Co-Founder of BitOasis. 'BitOasis has always stood for trust, providing the best experience for users, and maintaining a robust platform. With the backing of CoinDCX for over a year now, we are accelerating that mission. CoinDCX's 200+ strong technology team now powers the platform's backend, unlocking faster performance, deeper liquidity, stronger security, and a significantly enhanced product suite. Our ambition is clear: to reach one million users across the region by 2026, setting the gold standard for compliance, innovation, and customer experience.' This milestone comes at a time when the MENA region is rapidly emerging as one of the fastest-growing virtual asset markets globally. Fueling this momentum are forward-looking government initiatives across the GCC. Countries like the UAE are making significant investments in blockchain and digital infrastructure—signaling strong institutional support for the long-term growth of the sector. This commitment is further amplified by a young, tech-savvy population and proactive regulators working to establish a compliant and thriving crypto ecosystem. With internet penetration exceeding 99% in UAE and nearly 60% of the region's population under the age of 30, the GCC stands out as one of the most digitally native markets in the world, creating fertile ground for large-scale crypto adoption. The numbers reflect this trajectory. According to IMARC Consulting, the GCC cryptocurrency market was valued at $744.3 million in 2024 and is projected to reach $3.5 billion by 2033, growing at a CAGR of 16.75%. Additionally, approximately 38% of crypto users in the region have annual incomes exceeding USD 15,000, reflecting a strong base of financially empowered individuals. 'For CoinDCX, MENA is not a market to merely enter—it's a region to co-build. Since acquiring BitOasis in July 2024, we've seen tremendous progress. BitOasis secured a full VASP License from VARA in December 2024, and with its launch in Bahrain, we're further strengthening our regional presence. By joining forces, we're creating a platform that's local at heart but global in strength. Our goal is to transform the market, building the most secure, compliant, and future-ready crypto platform in the region,' said Sumit Gupta, Co-Founder, CoinDCX. Since its inception in 2016, BitOasis has processed over USD 7.4 billion in trading volume and raised over USD 40 million in funding. This expansion into Bahrain comes on the heels of BitOasis securing a full Virtual Asset Service Provider (VASP) License from Dubai's Virtual Assets Regulatory Authority in December 2024.
