EddieJayonCrypto
20 May 25
CoinDCX, India's first digital currency unicorn, has expanded into Bahrain through its acquisition of Dubai-based BitOasis, marking a strategic move to grow in the Middle East and North Africa (MENA) region. BitOasis, which holds a Virtual Asset Service Provider license from Dubai, leads virtual ass...
CoinDCX, India’s first digital currency unicorn, has expanded into Bahrain through the acquisition of Dubai-based BitOasis, signaling a strategic move to capture over 30% of its revenue from the Middle East and North Africa (MENA) region by 2026.BitOasis operates under a Crypto-Asset Services License issued by the Central Bank of Bahrain, providing comprehensive trading services tailored for retail, corporate, and institutional clients. The platform features user-friendly interfaces for beginners and advanced tools for seasoned investors, alongside premium VIP services for high-net-worth individuals.The MENA region's crypto market is experiencing rapid growth, fueled by supportive government initiatives, clear regulatory frameworks, and a young, tech-savvy population. Countries like the UAE are heavily investing in blockchain and digital infrastructure, with Dubai establishing the Virtual Assets Regulatory Authority to oversee virtual asset activities.Meanwhile, India maintains a cautious approach toward digital assets, enforcing a strict 30% flat tax on digital asset income without loss offsets and a 1% tax deducted at source on transactions over $117. This has contributed to a decline in domestic crypto trade volume, with substantial shifts toward offshore exchanges and an anticipated industry consolidation.Indian exchange WazirX is currently seeking approval from the Singapore High Court to resume operations following a $234 million cyberattack attributed to North Korea’s Lazarus Group. The court proceedings are ongoing, with further affidavits due in late May 2025.CoinDCX’s expansion through BitOasis exemplifies the growing momentum of virtual asset ecosystems in MENA, contrasting with India’s uncertain regulatory landscape and highlighting shifting centers of crypto innovation and adoption.