Digital Asset Exchange Coinmena Secures Provisional License Allowing It to Operate in the UAE

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). The license allows Coinmena to not only expand its activities but to “further strengthen [its] banking relationships within the UAE.”

Expanding Coinmena’s Activities 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 to continue its operations in Dubai while “it undertakes the in-depth process” of acquiring a license, the digital asset exchange has said. According to a statement released by the sharia-compliant exchange, the provisional license allows Coinmena to expand its activities within the United Arab Emirates (UAE). In their joint statement, the digital asset exchange’s co-founders, Talal Tabbaa and Dina Sam’an, said:

VARA has developed a progressive framework within which businesses can work innovatively and securely. As a result of the provisional license issued to CoinMENA by the authority, we will be able to expand our activities and further strengthen our banking relationships within the UAE.

Prior to receiving its latest license, Coinmena had secured two digital assets licenses, one from the Central Bank of Bahrain (CBB) and the other one in the European Union, the statement added.

Growing Dubai’s Virtual Asset Ecosystem

Meanwhile, Helal Saeed Almarri, director general at the Dubai World Trade Centre Authority — the body that houses VARA — commended the digital asset exchange’s move. “We are pleased to welcome CoinMENA to the growing virtual asset ecosystem in Dubai. VARA is committed to supporting leading regional enterprises dedicated to building strong foundations for this future economy,” the director general said. Almarri added that the regulator appreciates the “knowledge and experience” that the digital asset exchange brings and is looking forward to its “active participation as VARA builds a best-in-class virtual assets regulatory environment in the UAE, for the world.” What are your thoughts on this story? Tell us what you think in the comments section below.