CoinMENA, the Sharia-compliant digital asset exchange company licensed and regulated by the Central Bank of Bahrain (CBB), has obtained a provisional virtual assets license from Dubai’s Virtual Assets Regulatory Authority (VARA) to continue its business operations in Dubai.
The issuance of the provisional license from VARA is the latest in a series of milestones achieved by CoinMENA during the past 12 months. Within its first year of operation, CoinMENA was able to secure two digital asset licenses, the first from CBB and the second from the European Union. This third license will allow CoinMENA to offer its products and services to institutional investors.
The company recently became the first onshore licensed crypto exchange to introduce limit trading. Other highlights include the introduction of USDT withdrawals via the TRON TRC20 network and the addition of eight new digital assets taking the platform’s total to 21.
“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. We appreciate the knowledge and experience that CoinMENA brings as a platform focused on the MENA region and look forward to their active participation as VARA builds a best-in-class virtual assets regulatory environment in the UAE, for the world.”
CoinMENA Co-Founders Mr. Talal Tabbaa and Ms. Dina Sam’an said that “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.”