05-20-2025 
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CoinDCX, India’s first digital currency unicorn, has officially entered the Bahraini market through its group company BitOasis—a key step in its broader strategy to expand across the Middle East and North Africa (MENA) region. The move follows CoinDCX’s acquisition of Dubai-based BitOasis in 2024, a pivotal milestone in its global growth journey.
By 2026, CoinDCX anticipates that more than 30% of its total revenue will come from the MENA region. This expansion into Bahrain comes on the heels of BitOasis securing a full Virtual Asset Service Provider (VASP) License from Dubai’s Virtual Assets Regulatory Authority in December 2024.
BitOasis continues to lead the virtual asset trading space in MENA, maintaining the highest trading volumes in Emirati Dirhams, according to an emailed statement from CoinDCX.
Established in 2018, CoinDCX said it has “gained the confidence of” global investors, including Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred and Coinbase Ventures. In July 2024, CoinDCX listed the BSV token for trading on its platform, allowing users to have more ways to buy, sell, and trade BSV. With CoinDCX’s roughly 15 million registered users, the listing marks a significant expansion into the Indian market for BSV and demonstrates its potential and possibility in the region.
“Our expansion into the MENA region is driven by clear regulatory frameworks, a growing investor appetite, and larger HNI (high networth individuals) investment ticket sizes. BitOasis brings unmatched regional credibility, while CoinDCX contributes the scale and innovation of a ‘Made in India’ platform,” said Sumit Gupta, co-founder of CoinDCX.
“The results have been impressive—BitOasis has seen a 4x revenue growth, now contributing 20% to our total revenue. Looking ahead, we anticipate the region will account for over 30% of our revenue by 2026,” Gupta added.
BitOasis Bahrain will operate under a Crypto-Asset Services License issued by the Central Bank of Bahrain, offering secure, compliant, and reliable trading services to retail, corporate, and institutional clients, according to the statement. The platform is designed to accommodate all levels of traders, featuring a user-friendly interface for beginners, alongside advanced tools and functionalities for seasoned investors.
BitOasis has introduced premium services tailored for high-net-worth individuals and institutional clients, including exclusive VIP offerings and personalized relationship management. The platform also enables local bank transfers, ensuring smooth and efficient deposit and withdrawal processes across the Gulf Cooperation Council (GCC).
CoinDCX’s expansion comes as the MENA region rapidly positions itself as one of the world’s fastest-growing markets for virtual assets. This growth is being driven by forward-looking government initiatives across the GCC, with countries like the United Arab Emirates (UAE) investing heavily in blockchain technology and digital infrastructure—underscoring strong institutional backing for the sector’s long-term development.
This momentum is further supported by a young, tech-savvy population and proactive regulatory frameworks to foster a compliant and dynamic crypto ecosystem. Notably, the United Arab Emirates has set its sights on becoming a global hub for the crypto industry. In 2022, Dubai—widely regarded as the Gulf’s business and tourism capital—established the Virtual Assets Regulatory Authority (VARA) to oversee and regulate the emerging virtual asset space.
“Today marks a significant milestone as we proudly launch BitOasis in Bahrain,” said Ola Doudin, CEO and Co-Founder of BitOasis.
“With the backing of CoinDCX for over a year now, we are accelerating that mission…Our ambition is clear: to reach one million users across the region by 2026, setting the gold standard for compliance, innovation, and customer experience,” Doudin added.
Since its inception in 2016, BitOasis has processed over $7.4 billion in trading volume and raised over $40 million in funding.‘Crypto’ regulation still in limbo
India’s stance on digital assets has been marked by uncertainty. The central government has approached the sector with caution, most notably introducing one of the world’s strictest tax regimes in 2022—a 30% flat tax on digital asset income without the option of loss offsets, and a 1% tax deducted at source (TDS) on transactions exceeding ₹10,000 ($117).
According to a study by Indian policy think tank Esya Centre, these measures could result in a cumulative loss of approximately $1.2 trillion in domestic trade volume over time, with an estimated $3.85 billion already shifted to offshore exchanges as traders seek relief from heavy taxation.
This regulatory climate is expected to drive industry consolidation in 2025, with smaller exchanges either shutting down or merging with larger players. In 2024, Seychelles-based OKX—the world’s second-largest digital asset exchange by trading volume—exited the Indian market, citing regulatory hurdles.
Despite growing global momentum toward regulation, India’s approach remains ambiguous. Finance Minister Nirmala Sitharaman reiterated in March 2024 that “cryptocurrencies” cannot serve as legal tender. Furthermore, the government announced in December 2024 that there is no definitive timeline for introducing a comprehensive regulatory framework for virtual digital assets (VDAs), leaving the legal status of crypto businesses in the country unresolved.
WazirX awaits Singapore Court’s nod to restart
WazirX, formerly India’s largest digital asset exchange by trading volume, has announced plans to resume operations, contingent on a court ruling. The decision will determine the approval of its proposed restructuring and compensation plan following a $234 million cyber attack in July 2024. North Korea’s Lazarus Group was responsible for the WazirX hack.
In a May 14 update, WazirX said that the hearing for SUM 940 took place on May 13, 2025, before the Singapore Court. “SUM 940” refers to the legal application filed by the company in the Singapore High Court, seeking formal approval—known as a sanction—for the Scheme of Arrangement following the conclusion of creditor voting. WazirX said that this is a standard and essential step in the restructuring process, as the Scheme must be legally sanctioned by the Court before any distributions can be made and the platform can resume operations.
“While no orders were made at this stage, the Court has directed the Company to file a further affidavit(s) by 23 May 2025, and extended the existing moratorium to 6 June 2025,” WazirX said.
“The Court has not yet set another hearing date. The Court will likely make any decision with respect to SUM 940, which includes determining if another hearing is necessary, following the receipt and assessment of the Company’s affidavit(s) due 23 May 2025.”
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