Bahrain-based cryptocurrency exchange Coinmena recently announced that Qatari residents can now trade cryptocurrencies on its platform. The cryptocurrency exchange claims to be the first regulated digital asset exchange to open its platform to Qatari residents.
Residents can now connect their bank accounts to a cryptocurrency wallet
Bahrain-based cryptocurrency exchange Coinmena became the first regulated digital asset exchange to offer services in Qatar, according toa statementissued by the exchange on May 19. Coinmena’s expansion into Qatar, the statement said, means that residents can now connect their bank accounts to cryptocurrencies. wallet, which means they can now connect to a wallet. This will allow them to “directly and securely deposit and withdraw funds.”
In a joint statement following the exchange’s entry into the next Middle East and North Africa (MENA) market, Coinmena co-founders Dina Saman and Talal Tabbaa said.
We are excited to be the first cryptocurrency exchange to offer services in Qatar. Investors have been asking us about our plans to expand Qatar for a long time, and this news is a milestone in our long-term plans to expand the geographic market.
Meanwhile, Sam’an said that Coimmena intends to become “the preferred crypto-financial services company in the region” and is therefore constantly looking to enter new countries. {Coinmena’s entry into Qatar comes just months after it became known that the Middle Eastern country was considering issuing a digital currency. However, according to one report, the decision to issue a digital currency will only be made after the central bank completes its research.
Meanwhile, in an apparent reaction to Coinmena’s announcement, the Qatar Central Bank (QCB) reportedly issued a statement warning residents not to do business with “unauthorized financial institutions and service providers.”
In a translation of the CBC’s warning into Arabicpublished by The Peninsulareiterates that the Central Bank “does not license any financial institution to provide virtual currency exchange, transfer, trade, or transactions.” The QCB has stated that it will take legal action against any institution providing virtual asset services without a license issued by the Central Bank.
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