Bahrain-based, Shariah-compliant digital asset exchange Coinmena recently announced that it has received an interim virtual asset license from Dubai’s Virtual Assets Regulatory Authority (VARA). The license allows Coinmena to expand its activities as well as “further strengthen its banking relationships within the UAE.”
Coinmena’s activities in the UAE expanded
Coinmena, a Bahrain-based digital asset exchange, has received a provisional license for virtual assets from Dubai’s Virtual Assets Regulatory Authority (VARA). The provisional license allows Coinmena to continue operations in Dubai while it “conducts an in-depth process” to obtain the license, the digital asset exchange said.
The interim license will allow Coinmena to expand its activities within the United Arab Emirates (UAE), according to astatementissued by the Shariah-compliant exchange. Talal Tabbaa and Dina Sam’an, co-founders of the digital asset exchange, said in a joint statement.
VARA has developed an advanced framework that allows firms to work innovatively and securely. As a result of the provisional license issued by the authorities to CoinMENA, we will be able to expand our activities and further strengthen our relationship with banks within the UAE.”
Prior to the latest license, CoinMena had secured two digital asset licenses from the Central Bank of Bahrain (CBB) and the European Union, the statement added.
Growth of Dubai’s virtual asset ecosystem
”
Meanwhile, Helal Saeed Al Mari, head of the Dubai World Trade Center Authority, which houses VARA, praised the digital asset exchange’s move.
“We are pleased to welcome CoinMENA to Dubai’s growing virtual asset ecosystem, and VARA is dedicated to building a strong foundation for this future economy and committed to supporting leading companies in the region,” said the Director General.
Almarri added that regulators appreciate the “knowledge and experience” that digital asset exchanges bring and look forward to “VARA’s active participation in creating a best-in-class virtual asset regulatory environment in the UAE and for the world.”
Image credits: Shutterstock, Pixabay, Wiki Commons