CoinDCX’s Strategic Expansion to MENA Region
CoinDCX, India’s foremost cryptocurrency exchange, has announced its acquisition of BitOasis, a prominent digital asset platform in the Middle East and North Africa (MENA). This move marks CoinDCX’s debut in international markets. Moreover, it leverages BitOasis’s established presence and regulatory licenses across the region.
CoinDCX Leveraging BitOasis License
In a strategic move, CoinDCX has acquired BitOasis, the leading crypto platform in the MENA region. Thus, CoinDCX can utilize BitOasis’s licenses to operate in over 60 tokens across MENA. Importantly, BitOasis will maintain its branding and leadership.
Key Details of the Acquisition
CoinDCX, headquartered in Bengaluru, has not disclosed financial specifics. However, they confirmed that BitOasis investors will receive equity in CoinDCX. This acquisition aims to navigate regulatory challenges in India. Indeed, stringent policies on digital assets are impacting domestic operations.
CoinDCX’s Expansion Strategy
Valued at $2.1 billion as of 2022, CoinDCX aims to expand globally amidst regulatory hurdles in India. The company launched a decentralized exchange and processed significant trading volumes. As a result, they are positioning themselves as a global leader in crypto trading.
BitOasis’s Regulatory Milestones
BitOasis, based in Dubai, has secured licenses in Bahrain and the UAE. These licenses underpin its regulatory compliance and operational strength in the MENA market. CEO Ola Doudin highlighted the acquisition’s potential to enhance product offerings and user experience. Furthermore, this reinforces BitOasis’s commitment to regulatory standards.
Impact of Regulatory Changes
Recent regulatory shifts in India include a 30% tax on digital asset gains and compliance mandates for offshore exchanges. Consequently, Indian crypto firms like CoinDCX are seeking international expansion. This acquisition positions CoinDCX strategically amid evolving global regulatory landscapes.
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