Middle East Crypto Exchange Coinmena Enters the Qatari Market, Regulator Says No Institution Licenced – Featured Bitcoin News

Coinmena, a cryptocurrency exchange based in Bahrain, announced recently that Qataris can buy or sell cryptocurrencies through its platform. Coinmena, a cryptocurrency exchange based in Bahrain claimed that it’s the first digital asset platform open to Qatari residents.

Residents can now connect their bank accounts to their crypto wallets

Coinmena is a cryptocurrency exchange based in Bahrain. It has now become Qatar’s first licensed digital asset exchange. According to a statement released by the exchange on May 19, Coinmena’s foray into Qatar means the country’s residents can now connect their bank accounts to their crypto wallets. This enables them to “deposit and withdraw funds directly and safely.”

In a joint statement following the exchange’s latest foray into another Middle East and North Africa (MENA) market, Coinmena’s co-founders, Dina Sam’an and Talal Tabbaa said:

We’re thrilled to announce that we are the first crypto-exchange to open its doors in Qatar. Investors are asking for information about our plans to visit Qatar since a while. We consider this a milestone on our long-term geo market expansion plans.

Sam’an, meanwhile, revealed that Coinmena intends to become the “region’s preferred crypto financial services company” and is, therefore, constantly looking to onboard more countries.

Coinmena’s entry into Qatar comes just a few months after it was reported that the Middle East country was examining the possibility of issuing a digital currency. According to one report however, the decision whether to issue digital currencies or not will be taken after the central bank has completed its studies.

Meanwhile, in an apparent response to Coinmena’s announcement, the Qatar Central Bank (QCB) is reported to have issued a statement warning residents against dealing with “unlicensed financial institutions and service providers.”

In a translation of the QCB’s Arabic language warning published by The Peninsula, the central bank reiterated that “no financial institution has been licenced to provide services of exchange, transfer, trading and dealing on virtual currencies.” In a warning that was also issued on May 19, the QCB said it will take legal action against any entity that provides virtual asset services without a licence issued by the central bank.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.