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Dubai Bitcoin Exchange

Dubai exchange BitOasis Raises Limits for Card Purchases of Bitcoin

BitOasis is the first digital currency wallet and exchange service in the Middle East that enables one to buy, sell and secure bitcoin. BitOasis exchange recently announced for UAE users that they have increased weekly bitcoin buy limits using credit/debit cards up to 500 AED (around 1300 USD).

Back in February 21st, BitOasis first introduced instant card transactions with an initial limit of 2000 AED.The founder , Ola Doudin and the developer  Daniel Robenek who came up with the idea of creating BitOasis that allows Middle East countries like Saudi Arabia to carry out bitcoin transactions using cards like other financial institutions such as bank.

Other Dubai Based Exchange platforms

Dubai exchange BitOasis Raises Limits for Card Purchases of Bitcoin

The other Dubai exchange platforms include Sharaf Exchange, NASDAQ Dubai Fixed Income Trading platform, Dubai Mercantile Exchange, Dubai Diamond Exchange and others that keenly help in transactions of bitcoins. Dubai a city regarded by many as an upcoming technology Hub of the world has numerous investments in cryptocurrencies and Bitcoin. Dubai has a dwindling oil wealth which is expected to be economically non-viable in the few coming decades. This has pushed the sheiks who rule the city to think of an economic activity that would put their country on the global map with regards to tourism and entertainment. This has led to massive investments in the FinTech sector of the economy. Many exchanges popped up in Dubai in recent years and hundreds of transactions are being processed daily. This is still estimated to hike as the economy is still expanding signaling that Dubai still has a wider market for Bitcoin exchange services.

Why could have BitOasis raised its limits

Why could have BitOasis raised its limits

BitOasis raised its limits to allow users to go for a higher weekly buy, sell and withdrawal limits. BitOasis hopes to attract more trading on their platform and it is an online exchange based in the Middle East(UAE) to allow the Islamic countries like Saudi Arabia to carry out bitcoin transactions rather than going to banks to carry out the financial transactions. This, however, will affect users dealing with small volumes of Bitcoin. Majorly Bitcoin exchanges and Hi-tech firms dealing in bitcoin are the ones dealing in massive volumes of the cryptocurrency. People dealing with smaller volume of Bitcoin like freelance online workers would find it expensive. However, this would open ways for smaller exchanges to cash in from the people who transact in smaller volumes. Furthermore, this hike could have been due to peripheral taxes levied on every transaction passing via other partners like banks or mobile money services. Many users still have not bitterly complained about the raise indicating the less effect the rise has on the users of the exchange.

Effects of this Hike

Most of the effects, however, is expected to be in the positive sense but not what every would perceive. It’s seen that money laundering will be bitterly checked by this new improvement since users would legitimately order for lager buy and sell trade so as to cover the high cost. But still as seen before microtransactions will be hampered a lot and users who transact with small volume of bitcoin will find it difficult to carry out exchange into fiat currencies. Transactions between Bitcoins and other fiat currencies via banks will become much easier allowing remittance of funds from abroad to the economy or from Dubai to families of foreign workers.


Why South Korea’s Bitcoin adoption might turn the volume tables this year

‘2017’ saw a monumental shift in terms of Bitcoin volumes, where growing cryptocurrency adoption has risen significantly over the past year. The opportunity to recognize their contribution to the Bitcoin volumes and their growing adoption was provided when Chinese Exchanges started imposing transaction fees on their trades. The volumes dwindled significantly and the Exchanges’ decision to ban withdrawals came as the final nail in the coffin. While things were looking rough for Bitcoin, other Asian countries stepped up with unbelievable adoption levels and supported the currency prices. While Japan has been the fore-runner, another country that went unnoticed in this bid would be South Korea. Let’s delve deep into Korea’s Bitcoin story:

The remittance market:


The remittance game has been strong with South East Asian countries as they capture 60% of the remittance market in the world. The South Korea-Philippines corridor hosts remittances startups that bank on Bitcoin to make the transfer. This has earned the startups a popular nickname called ‘Rebittance startups’, whose number has been increasing significantly in South East Asia. Most of the startups aren’t even present in the country but make rebittances possible over messaging apps like Facebook messenger and Viber. The Korea-Philippines corridor covers 20% of South East Asian remittances and are cheap when compared with Western Union or other traditional cross border transfer methods.

The efforts of Korbit:

Korbit is the first South Korean Bitcoin exchange that has worked relentlessly for mainstream adoption of the cryptocurrency. The exchange has 33,500 registered Bitcoin users with and is one of the top two exchanges by volume. The exchange offers a unique service called ‘Hyphen’ where businesses can send payments to any bank account in over 30 countries globally using Bitcoin. South Korea is the hub of tech startups that have revolutionized payments sector and fintech. Hence Bitcoin adoption hasn’t picked up significantly in the past but thanks to the efforts of Korbit, things are changing now quickly.

The regulations framework:


The Korean government has been very cooperative when it comes to Bitcoin and other cryptocurrencies. The Financial services committee has been considering to launch a cryptocurrency of the state that would facilitate transactions and strengthen the Fintech network. They are planning to propose a regulatory framework for Bitcoin based businesses in 2017 and monitor the currency’s movements in and out of the country. For a country with an annual remittance measure of $6.7 Billion, Bitcoin with encouraging regulations in place would be a good catalyst for growth.


Can Trump be the boost Bitcoin is looking for?

Donald Trump is the victorious and charismatic Republican Presidential Candidate, all set to take the office as the 45th American President. Trump’s ideology and power packed appearances have begun to cause fear among the equity market participants. Many market pundits have predicted a prolonged and sharp fall in global commodities prices if Trump gets elected. Contrary to these speculations, the markets plunged temporarily and rose back again with minimal impact. But in those brief moments of sheer scare, Bitcoin saw a lot of promise owing Trump’s presidency. Let’s look into the details of how Trump’s presidency can indeed be favorable for Bitcoin:

Trump and Bitcoin:


While Hillary had openly condemned cryptocurrencies, Trump has been very understanding about the concept. Even during the campaign, Trumps statements have impacted the Bitcoin market to an extent. Especially during Brexit, Trumps statements about many Trade deals have fueled the Bitcoin price boost. The day trump became the President elect while the global markets tanked, Bitcoin prices soared owing to inflow of funds from other currencies.

The favorable economic policies:


When it comes to fintech, a lot is dependent on the regulations imposed by a particular state. The economic policies might trigger or hinder the fintech growth, depending on their are handling. Trump has had “removing regulatory reforms” in his agenda which would prove advantageous for fintech. The regulations revolving around fintech are very old and don’t have the adaptability to adjust to changing times. This implies that the regulatory environment may, finally, become far more welcoming for Bitcoin and Blockchain Technology.

Adding to this, any renegotiation of NAFTA agreement in the favor of US will help setting up better export opportunities for US citizens. This might see increase in terms of volumes for Bitcoin across borders for export payments.

Trump’s non tolerance towards remittance:


A ‘Wall’ to stop Mexican immigrants has been the central theme of Trump’s Election campaign. The strong underlying belief behind this propaganda is that the remittance money is getting out of US soil. If Trump goes on to his execute his regressive policies against remittance, then Bitcoin would be the only option for ease of transfer. This would surely make Bitcoin a better trusted and most opted source adding to Bitcoins increasing growth and adoption.