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.”
Expand Coinmena’s activities in the United Arab Emirates
A Bahrain-based 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 thorough process” of acquiring a license, the digital asset exchange 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:
VARA has developed a progressive framework in which companies can work in an innovative and secure way. Thanks to 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.
Development of Dubai’s virtual asset ecosystem
Meanwhile, Helal Saeed Almarri, chief executive of the Dubai World Trade Center Authority – the body that houses VARA – hailed the digital asset exchange’s decision.
“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” the digital asset exchange brings and looks forward to its “active participation as VARA builds a top-notch virtual asset regulatory environment in the UAE, for the world”.
