India-based crypto exchange CoinDCX acquires full stake in Dubai's BitOasis

The firms did not disclose the transaction value, but BitOasis said in a separate statement that CoinDCX, now owns the full share capital of the Dubai-based company

India-based crypto exchange CoinDCX has acquired Middle East-focused crypto platform BitOasis, the two companies said in a joint statement on Wednesday.

The firms did not disclose the transaction value, but BitOasis said in a separate statement that CoinDCX, which had already acquired a stake in the business last year, now owns the full share capital of the Dubai-based company.

BitOasis added that the brand and leadership team would remain unchanged following the deal, which is set to help the firm strengthen its position in the region - where it serves 15 countries - and enhance its services.

The United Arab Emirates is aiming to become a global centre for the crypto industry and Dubai, considered the Gulf's tourism and business hub, set up watchdog VARA in 2022 to regulate the emerging virtual asset sector.

Founded in 2016, BitOasis provides broker-dealer services to qualified retail and institutional investors under its minimum viable product (MVP) operational licence provided by VARA. It recently obtained a similar licence from the Central Bank of Bahrain.