- CoinMENA has strengthened its presence in the UAE cryptocurrency market by obtaining a VASP license from Dubai VARA.
- The regulatory approval signals Dubai’s goal to become a prominent global cryptocurrency hub, attracting more players to the region’s burgeoning cryptocurrency landscape.
CoinMENABahrain-based cryptocurrency exchange has secured a significant milestone in its expansion journey by obtaining a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA). This landmark license will enable CoinMENA to operate and provide crypto services within and outside the Emirate, marking a significant step forward for the company’s foothold in the UAE’s cryptocurrency landscape.
Dubai Regulatory Approval: CoinMENA Enters UAE
Amid surging interest in cryptocurrencies globally, Dubai’s VARA’s grant of a VASP license to CoinMENA FZE, the Dubai subsidiary of CoinMENA BSC, signals growing regulatory acceptance of cryptocurrency platforms in the UAE.
This approval allows CoinMENA to provide virtual asset broker-dealer services and enable UAE customers to deposit and withdraw funds in UAE Dirham, streamlining their trading experience without the hurdles of exchange rate fluctuations.
News is out! CoinMENA is officially licensed in Dubai. https://t.co/lbOq7GHtti
— CoinMENA | Coin Mena (@CoinMENA) December 13, 2023
Co-founders Dina Sam’an and Talal Tabbaa praised VARA’s regulatory clarity, arguing that VARA is positioning Dubai as a fast-growing global hub for digital asset financial services. Sam’an confirmed the company’s commitment to regulatory compliance and customer-centric service, with a focus on building strong relationships with local regulators.
Read more: Comprehensive Guide to Buying Bitcoin in Dubai
CoinMENA’s regulatory journey and expansion of the cryptocurrency landscape
Regulatory compliance is not new to CoinMENA as it has been a licensed and regulated institution by the Central Bank of Bahrain (CBB) since 2021. CBB’s Platform Category 3 Crypto Asset Service Provider License has facilitated services across the Gulf Cooperation Council. Member States.
The latest UAE license specifically expands CoinMENA’s operations to cater to the local user base in the emirate. However, the company assured its broad customer base that the Bahrain entity will continue to serve users outside the UAE.
According to a CoinMENA spokesperson, this development is in line with Dubai’s aspirations to establish itself as a leading global cryptocurrency hub, and is expected to increase competition among global companies looking to enter the region.