- CoinMENA’s acquisition of the VASP license from Dubai’s VARA boosts its presence in the UAE’s crypto market.
- The regulatory nod signifies Dubai’s aim to become a prominent global crypto hub, attracting more players to the region’s burgeoning crypto landscape.
CoinMENA, the Bahrain-based cryptocurrency exchange, has secured a significant milestone in its expansion journey with the acquisition of a virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This landmark license empowers CoinMENA to operate and offer crypto services within and from the Emirates, marking a substantial stride for the company’s foothold in the UAE’s crypto landscape.
Dubai’s Regulatory Nod: CoinMENA’s Entry into the UAE
Amid the burgeoning interest in cryptocurrencies globally, Dubai’s VARA granting a VASP license to CoinMENA FZE, the Dubai subsidiary of CoinMENA B.S.C., signifies the growing regulatory embrace of crypto platforms in the UAE.
This endorsement allows CoinMENA to provide virtual asset broker-dealer services and facilitates customers in the UAE to deposit and withdraw funds in UAE dirhams, streamlining the trading experience without the hurdles of foreign exchange fluctuations.
The news is out! CoinMENA is officially licensed in Dubai.https://t.co/lbOq7GHtti
— CoinMENA | كوين مينا (@CoinMENA) December 13, 2023
The co-founders, Dina Sam’an and Talal Tabbaa lauded VARA’s regulatory clarity, asserting that it positions Dubai as a burgeoning global hub for digital asset financial services. Sam’an highlighted the company’s emphasis on building robust relationships with local regulators, affirming their commitment to regulatory compliance and client-centric services.
Also Read: A Comprehensive Guide To Buying Bitcoin in Dubai
CoinMENA’s Regulatory Journey and Expanding Crypto Landscape
CoinMENA isn’t new to regulatory compliance, having been a licensed and regulated entity by the Central Bank of Bahrain (CBB) since 2021. The platform’s category-3 crypto asset service provider license from the CBB has facilitated its services across the Gulf Cooperation Council’s member countries.
The recent UAE license specifically extends CoinMENA’s operations to cater to the local user base in the Emirates. However, the company assured its broader customer base that its Bahrain entity will continue serving users outside the UAE.
According to a CoinMENA spokesperson, this development aligns with Dubai’s aspirations to establish itself as a leading global crypto hub, expecting increased competition among global players eyeing entry into the region.
