Introduction to Bitoasis Expansion

Bitoasis, a leading virtual asset trading platform based in Dubai, has introduced operations in Bahrain, strengthening its position as a compliant broker dealer in the Middle East and North Africa (Mena) region.

Operations in Bahrain

Bitoasis Bahrain operates under a crypto-asset service license from the Central Bank of Bahrain, offering trade services for retail, corporate, and institutional customers. The launch, which included CEO and co-founder Ola Doudin, General Manager Ali Dashti, and Coindcx co-founder Sumit Gupa, showcases Bitoasis’ ambitions to reach one million users in the Mena region by 2026.

Mission and Improvements

"This is a milestone in our mission to offer a safe, innovative, and user-oriented platform," said Doudin. Bitoasis, supported by Coindcx since its acquisition in July 2024, has enhanced its platform with faster performance, deeper liquidity, and more security. The company has also introduced premium services for high-net-worth individuals and institutions, including VIP offers, dedicated support, and seamless local bank transfers across the GCC.

Market Potential

The MENA region is a global hub for virtual assets, driven by a young, tech-savvy population and a proactive regulatory framework. With an internet penetration of over 99 percent in the UAE and nearly 60 percent of the GCC population under the age of 30, the region is poised for crypto adoption. The supportive regulatory environment of the GCC and investments in blockchain infrastructure signal robust growth of the sector.

Growth Prospects

According to Imarc Consulting, the GCC cryptocurrency market, worth $744.3 million in 2024, is expected to reach $3.5 billion by 2033, growing at a 16.75 percent CAGR. Notably, 38 percent of regional crypto users earn over $15,000 annually, reflecting a financially empowered user base. The expansion of Bitoasis follows the securing of a full virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority in December 2024.

Conclusion

Since its inception in 2016, Bitoasis has processed a trading volume of over $7.4 billion and raised over $40 million in funds, operating in 13 countries with access to over 80 virtual assets. With Bitoasis, the aim is to create a safe, compliant, and future-ready platform that is local at heart but global in strength.