BitOasis, a cryptocurrency based in Dubai and Focus on Bitcoin exchanges in the Middle East and North Africa, Announced today that it has become the first virtual asset service provider in the UAE to be associated with the GoAML platform launched by the UAE Financial Intelligence Unit.
The BitOasis team collaborated with the National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organizations (NAMLCFTC) and the UAE Financial Intelligence Unit (UAE FIU), and they pioneered this cooperation.
“Today’s announcement is directly in line with the vision of the UAE NEXT 50, which was formulated by our national leadership last year to support fintech start-ups in developing their businesses and comply with approved anti-money laundering and counter-terrorism financing standards. FATF’s Suggest.”
– HE Hamid AlZaabi, Director of the Executive Office of Anti-Money Laundering and Anti-Terrorist Financing (AML/CTF)
GoAML is an anti-money laundering platform established by the United Nations Office on Drugs and Crime (UNODC). The platform is designed to help financial intelligence agencies collect and analyze regulatory information submitted by selected reporting entities.
The information is then disseminated to law enforcement authorities to help combat criminal activities. The UAE is the first country in the Gulf Cooperation Council to launch the platform, aimed at curbing organized financial crimes, including money laundering, terrorist financing and other illegal financial activities.
“We are very pleased that BitOasis, the UAE’s first fintech startup, has registered on the GoAML integration platform of the UAE financial intelligence department. As a strategic step, this decision will ensure that local fintech startups can meet the country’s efforts to combat money laundering and financing of terrorism and illegality. Compliance requirements established by the Organizing Committee (NAMLCFTC).”
-HE Ali Baalawi, Director of UAE Financial Intelligence Office
What advice does GoAML make?
- From a regulatory perspective, it enables the country’s fintech startups to meet the compliance requirements set by NAMLCTF. It also supports the growth and financing plans of startups based on the recommendations of the Financial Action Task Force (FATF).
- BitOasis is the first virtual asset service provider in the UAE to take the lead in this cooperation. It increases the credibility of the work done by companies such as exchanges in the establishment of an efficient and transparent open financial system in the UAE and the wider region.
- GoAML helps to position the UAE as a leader in innovation and demonstrates how the UAE’s leadership continues to encourage the adoption of technology.
- Create a safer and more prosperous business environment for the country’s financial technology companies.
“We are proud to be the first virtual asset platform in the UAE to establish a partnership with the UAE financial intelligence agency, and thank the UAE for its leadership in continuing to advance technology and adopt innovation in the country. We have always been a pioneer in this industry, very much I am happy to make the UAE our home, similar to other fast-growing technology companies and unicorn companies in the region.”
– Ola Doudin, CEO of BitOasis