BitOasis, a crypto and bitcoin exchange focused on the MENA region, announced today that it has become the UAE’s first virtual asset service provider linked to the GoAML platform launched by the UAE Financial Intelligence Unit.
The BitOasis team worked with the National Committee to Combat Money Laundering and the Financing of Terrorism and Illegal Organizations (NAMLCFTC) and the UAE Financial Intelligence Unit (UAE FIU) who spearheaded this collaboration.
“Today’s announcement directly aligns with the vision of UAE NEXT 50, which was established last year by our national leadership to support fintech startups in growing their businesses with approved anti-money laundering standards and terrorist financing online. with the FATF recommendations “.
– HE Hamid AlZaabi, Director General of the Executive Office for Combating Money Laundering and Terrorism Financing (AML / CTF)
GoAML is an anti-money laundering platform formed by the United Nations Office on Drugs and Crime (UNODC). The platform was conceptualized to help financial intelligence units collect and analyze regulatory information submitted by selected reporting entities.
The information is then released to law enforcement authorities to help combat criminal activity. The UAE was the first GCC country to launch this platform, with the aim of curbing organized financial crime, including money laundering, terrorist financing, and other illegal financial activities.
“We are delighted that the UAE’s first fintech startup BitOasis is registering with the GoAML integrated platform of the UAE Financial Intelligence Unit. As a strategic step, this decision will ensure that local fintech startups can meet compliance requirements established by the National Committee to Combat Money Laundering and the Financing of Terrorism and Illegal Organizations (NAMLCFTC). “
– HE Ali Baalawi, Director of UAE FIU
What does GoAML propose?
- From a regulatory standpoint, it enables the country’s fintech startups to meet the compliance requirements established by the NAMLCTF. It also supports startups with their growth and financing initiatives, in line with the recommendations of the Financial Action Task Force (FATF).
- BitOasis is the UAE’s first virtual asset service provider to lead the way with this link. It adds more credibility to what companies like exchanges are doing in terms of building an efficient and transparent open financial system in the UAE and the wider region.
- GoAML helps position the UAE as a leader in innovation and is a testament to how UAE leadership continues to drive technology adoption.
- It fosters a safer and more prosperous business environment for FinTech companies in the country.
“We are proud to be the first virtual asset platform in the UAE to have this partnership with the UAE FIU and grateful for the UAE’s leadership in continuing to advance the technology and adoption of innovation in the country. We have been pioneers in this industry and we are pleased to have the UAE as our home, similar to other fast-growing tech companies and unicorns in the region. “
– Ola Doudin, CEO of BitOasis