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Digital Asset Exchange Coinmena Secures Provisional License Allowing It To Operate In The UAE

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Digital Asset Exchange Coinmena Secures Provisional License Allowing It To Operate In The UAE

Coinmena, the Bahrain-headquartered and sharia-compliant digital asset exchange, announced recently that it had secured a provisional virtual assets license from Dubai’s Virtual Assets Regulatory Authority (VARA). The license allows Coinmena to not only expand its activities but to “further strengthen [its] banking relationships within the UAE.”

Expanding Coinmena’s Activities in the UAE

A Bahrain-headquartered digital asset exchange, Coinmena, has been granted a provisional virtual assets license by Dubai’s Virtual Assets Regulatory Authority (VARA). The provisional license allows Coinmena to continue its operations in Dubai while “it undertakes the in-depth process” of acquiring a license, the digital asset exchange has said.

According to a statement released by the sharia-compliant exchange, the provisional license allows Coinmena to expand its activities within the United Arab Emirates (UAE). In their joint statement, the digital asset exchange’s co-founders, Talal Tabbaa and Dina Sam’an, said:

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VARA has developed a progressive framework within which businesses can work innovatively and securely. As a result of the provisional license issued to CoinMENA by the authority, we will be able to expand our activities and further strengthen our banking relationships within the UAE.

Prior to receiving its latest license, Coinmena had secured two digital assets licenses, one from the Central Bank of Bahrain (CBB) and the other one in the European Union, the statement added.

Growing Dubai’s Virtual Asset Ecosystem

Meanwhile, Helal Saeed Almarri, director general at the Dubai World Trade Centre Authority — the body that houses VARA — commended the digital asset exchange’s move.

“We are pleased to welcome CoinMENA to the growing virtual asset ecosystem in Dubai. VARA is committed to supporting leading regional enterprises dedicated to building strong foundations for this future economy,” the director general said.

Almarri added that the regulator appreciates the “knowledge and experience” that the digital asset exchange brings and is looking forward to its “active participation as VARA builds a best-in-class virtual assets regulatory environment in the UAE, for the world.”

What are your thoughts on this story? Tell us what you think in the comments section below.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Coinmena

Middle East Crypto Exchange Coinmena Enters The Qatari Market, Regulator Says No Institution Licenced

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Middle East Crypto Exchange Coinmena Enters The Qatari Market, Regulator Says No Institution Licenced

Coinmena, the Bahrain-based cryptocurrency exchange, recently announced that residents of Qatar can now buy and sell cryptocurrencies on its platform. The cryptocurrency exchange claimed it is the first regulated digital asset exchange to open its platform to Qatari residents.

Residents Can Now Connect Bank Accounts to Their Crypto Wallets

The Bahrain headquartered cryptocurrency exchange, Coinmena, has become the first regulated digital asset exchange to offer its services in Qatar. According to a statement released by the exchange on May 19, Coinmena’s foray into Qatar means the country’s residents can now connect their bank accounts to their crypto wallets. This enables them to “deposit and withdraw funds directly and safely.”

In a joint statement following the exchange’s latest foray into another Middle East and North Africa (MENA) market, Coinmena’s co-founders, Dina Sam’an and Talal Tabbaa said:

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We are delighted to become the first crypto exchange to offer our services in Qatar. Investors have been asking about our plans to enter the country for some time now, so this news represents a major milestone on our long-term geographic market expansion plans.

Sam’an, meanwhile, revealed that Coinmena intends to become the “region’s preferred crypto financial services company” and is, therefore, constantly looking to onboard more countries.

Coinmena’s entry into Qatar comes just a few months after it was reported that the Middle East country was examining the possibility of issuing a digital currency. However, according to one report, the decision to issue a digital currency or not will only be made once the central bank completes its study.

Meanwhile, in an apparent response to Coinmena’s announcement, the Qatar Central Bank (QCB) is reported to have issued a statement warning residents against dealing with “unlicensed financial institutions and service providers.”

In a translation of the QCB’s Arabic language warning published by The Peninsula, the central bank reiterated that “no financial institution has been licenced to provide services of exchange, transfer, trading and dealing on virtual currencies.” In a warning that was also issued on May 19, the QCB said it will take legal action against any entity that provides virtual asset services without a licence issued by the central bank.

What are your thoughts on this story? Tell us what you think in the comments section below.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Advertisement

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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