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.
A statement from the sharia-compliant platform said that the provisional license will allow Coinmena (the exchange) to expand its operations in the United Arab Emirates. In their joint statement, the digital asset exchange’s co-founders, Talal Tabbaa and Dina Sam’an, said:
VARA developed an innovative framework for businesses that allows them to be creative and secure. We will now be able expand our operations and strengthen our relationships with banks 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 both the Central Bank of Bahrain and one from the European Union before it received its current license.
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.”
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