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Virtual asset trading platforms are regaining popularity, led by strong gains for key investment choices. Image Credit: Reuters

Dubai: BitOasis, a virtual asst trading and storage platform, has received preliminary approval from Abu Dhabi Global Market’s regulator ahead of its launch there.

The platform, which will handle cryptocurrencies such as Bitcoin Ethereum, is intended to allow buying and selling of virtual assets with local currencies. The platform will launch after securing additional launch approvals from FSRA (Financial Services Regulatory Authority).

“We’re delighted to have achieved yet another milestone in the regulatory evolution of virtual asset market structure in the region,” said Ola Doudin, CEO and co-founder of BitOasis. “ADGM has been instrumental in our journey, having granted the first In Principal Approval (IPA) for BitOasis in April 2019. We look forward to launching under our regulatory licenses in due course subject to further regulatory approvals from the FSRA.”

The virtual asset market is going through a bull run "after two years of recovery, with market prices of many tokens reaching all-time highs". Bitcoin and Ethereum recorded highs of $64,758 and $2,397. Factors for the gains include an "increase in institutional interest and growth on DeFi (Decentralized Finance) applications and stablecoins".