Coinmena, a Bahrain-based Sharia-compliant digital asset exchange, recently announced that it has received a temporary virtual asset license from the Dubai Virtual Assets Regulatory Authority (VARA).The license allows Coinmena not only to expand the scope of its activities, but also to “further strengthen [its] Banking relationships within the UAE. “
Expanding Coinmena’s activities in the UAE
Bahrain-based digital asset exchange Coinmena has received a temporary virtual asset license from the Dubai Virtual Assets Regulatory Authority (VARA). The digital asset exchange said the temporary license allows Coinmena to continue operating in Dubai while “going through an intensive process” to obtain the license.
According to a statement issued by the Shariah-compliant exchange, the temporary license allows Coinmena to expand its activities within the United Arab Emirates (UAE). Digital Asset Exchange co-founders Talal Tabbaa and Dina Sam’an said in their joint statement:
VARA has developed a progressive framework within which businesses can work in innovative and secure ways. Thanks to the temporary license granted to CoinMENA by the authorities, we will be able to expand our activities and further strengthen our banking relationships in the UAE.
The statement added that prior to the latest license, Coinmena had obtained two digital asset licenses, one from the Central Bank of Bahrain (CBB) and one from the European Union.
Growing Dubai’s Virtual Asset Ecosystem
Meanwhile, Helal Saeed Almarri, director of the Dubai World Trade Centre Authority, which owns VARA, praised the digital asset exchange’s move.
“We are delighted to welcome CoinMENA to Dubai’s growing virtual asset ecosystem. VARA is committed to supporting leading regional businesses and working to build a strong foundation for the economy of the future,” said the Director General.
Almarri added that the regulator appreciates the “knowledge and experience” the digital asset exchange brings and looks forward to its “active participation as VARA establishes a first-class virtual asset regulatory environment in the UAE for the world.”
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