Bahrain-based CoinMENA Secures VASP License by Dubai’s VARA

• CoinMENA FZE, a Dubai subsidiary of CoinMENA B.S.C., has obtained the license.
• The platform had already received a provisional license from the Dubai authority a year before.

CoinMENA, a cryptocurrency exchange based in Bahrain, has been granted a virtual asset service provider (VASP) license by the Virtual Assets Regulatory Authority (VARA) of Dubai. This allows them to do business and provide services inside the Emirates.

According to the statement made on December 12, CoinMENA FZE, a Dubai subsidiary of CoinMENA B.S.C., has obtained a license that allows the platform to provide broker-dealer services for virtual assets. The platform had already received a provisional license from the Dubai authority a year before this.

With the permission in hand, CoinMENA may now provide UAE dirham deposits and withdrawals to both retail and institutional clients, allowing for speedier transactions free of foreign currency issues.

Strategic Expansion

According to a joint statement by CoinMENA co-founders Talal Tabbaa and Dina Sam’an, regulatory clarity from VARA has transformed Dubai into a rising center for digital asset financial services and cryptocurrency. Sam’an further stated that the firm has prioritized developing “strong relationships” with local regulators.

Moreover, the exchange has announced that it has formed a collaboration with Zand, a digital banking platform. Since the year 2021, CoinMENA has had a license issued by the Central Bank of Bahrain (CBB), making it a regulated organization.

With its category-3 crypto asset service provider license from the CBB, CoinMENA is able to cater to customers in all of the Gulf Cooperation Council member nations. The new license will just impact consumers in the UAE, according to a CoinMENA representative. The remainder of their client base will continue to be serviced by their Bahrain organization.