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). This license will allow Coinmena to expand its activities and to “further enhance [its] banking relationships in the UAE.
A Bahrain-headquartered 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, a digital asset exchange based in Bahrain, to continue operations in Dubai while it “undertakes the in-depth procedure” to acquire a license.
A statement from the sharia-compliant Exchange states that the provisional license will allow Coinmena to expand its activities in the United Arab Emirates (UAE) according to the statement . The co-founders of the digital asset exchange, Talal Tabbaa, and Dina Sam’an said in a joint statement:
VARA has created a framework that allows businesses to work securely and innovating within. We will be able expand our activities and strengthen our banking relationships in the UAE thanks to the provisional license that CoinMENA was issued by the authority.
The statement said that Coinmena had previously obtained two licenses for digital assets from the Central Bank of Bahrain (CBB), and one from the European Union.
Dubai’s Virtual Asset Ecosystem: Growing
Helal Saeed almarri, the director general of the Dubai World Trade Centre Authority, which houses VARA, praised the move.
“We are happy to welcome CoinMENA into the rapidly growing virtual asset ecosystem of Dubai. VARA is committed supporting leading regional businesses that are building strong foundations to support this future economy,” said the director general.
Almarri said that the regulator values the “knowledge, experience and expertise” of the digital asset exchange and looks forward to its “active involvement as VARA creates a best-in class regulatory environment for virtual assets in the UAE, and around the world.”