- CoinMENA receives VASP license from Dubai’s VARA to operate in Emirates.
- CoinMENA partners with Zand, holds Bahrain’s CBB license since 2021.
- New license allows UAE dirham transactions for CoinMENA’s individual and corporate clients.
Dubai’s Virtual Assets Regulatory Authority (VARA) has issued a virtual asset service provider (VASP) license to CoinMENA, a Bahrain-based cryptocurrency exchange. This license permits them to operate and offer services within the Emirates.
On December 12, it was announced that CoinMENA B.S.C.’s Dubai branch, CoinMENA FZE, secured a permit enabling it to offer services as a broker-dealer for digital assets. A year before this, the Dubai regulatory body granted the platform a temporary license.
CoinMENA has obtained authorization to offer deposits and withdrawals in UAE dirham for both individual and corporate customers, enabling quicker transactions without the complications of dealing with foreign currencies.
Strategically Scaling Up Company Operations
In a combined declaration, CoinMENA co-founders Talal Tabbaa and Dina Sam’an have stated that the regulatory guidance provided by VARA has made Dubai an emerging hub for financial services related to digital assets and cryptocurrency. Additionally, Sam’an emphasized the company’s commitment to fostering “solid partnerships” with regional regulatory authorities.
The trading platform also declared its partnership with Zand, an online banking service. CoinMENA has been a licensed entity by the Central Bank of Bahrain (CBB) since 2021, establishing it as a regulated institution.
CoinMENA holds a category-3 crypto asset service provider license issued by the CBB, which permits it to serve clients across all Gulf Cooperation Council member countries. A representative from CoinMENA stated that the recent licensing will affect only users in the UAE. Clients in other regions will still receive services from the company’s Bahrain-based operation.
