Dubai-based cryptocurrency exchange CoinMENA has been awarded a virtual asset service provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA). The license allows CoinMENA to operate and offer services in and from Dubai. CoinMENA can now provide virtual asset broker-dealer services to retail and institutional customers in the United Arab Emirates (UAE), allowing them to deposit and withdraw in UAE dirhams for faster trades without foreign exchange factors.
The co-founders of CoinMENA, Dina Sam’an and Talal Tabbaa, expressed their excitement about the regulatory clarity provided by VARA, which has positioned Dubai as an emerging global hub for crypto and digital asset financial services. They emphasized the importance of building strong relationships with local regulators and highlighted Dubai’s initiatives to promote the adoption of digital assets in the region.
CoinMENA is already in partnership with digital banking platform Zand and holds a category-3 crypto asset service provider license from the Central Bank of Bahrain (CBB), allowing it to offer services across the member countries of the Gulf Cooperation Council. The new VASP license obtained from VARA will only affect users based in the UAE, while CoinMENA’s Bahrain entity will continue to serve the rest of its customer base.
As CoinMENA joins the list of active VASP licensees for crypto broker-dealer services, the spokesperson for the exchange acknowledged the increasing competition in the market. They anticipate that Dubai’s aim to become a global crypto hub will attract many global players to enter the market.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇦🇪 🇧🇠|
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Talal Tabbaa, Dina Sam’an |
| Companies | Central Bank of Bahrain (CBB), Gulf Cooperation Council (GCC), CoinMENA, Virtual Assets Regulatory Authority (VARA), Zand |
| Currencies | uae dirhams |
| Securities | None |
