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$3,447.64 1.59607
Ethereum price
BNB
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$572.76 -0.65732
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Solana
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$159.53 3.20289
Solana price
XRP
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$0.5874990 10.48825
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Shiba Inu
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$0.0000194 5.09818
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Pepe
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$0.0000121 17.05619
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Bonk
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$0.0000279 10.23989
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Ethereum
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BNB
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Solana
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XRP
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$0.5874990 10.48825
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Shiba Inu
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$0.0000194 5.09818
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Pepe
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$0.0000121 17.05619
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Bonk
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Bitcoin
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Bitcoin price
Ethereum
Ethereum (ETH)
$3,447.64 1.59607
Ethereum price
BNB
BNB (BNB)
$572.76 -0.65732
BNB price
Solana
Solana (SOL)
$159.53 3.20289
Solana price
XRP
XRP (XRP)
$0.5874990 10.48825
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000194 5.09818
Shiba Inu price
Pepe
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$0.0000121 17.05619
Pepe price
Bonk
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$0.0000279 10.23989
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CoinMENA earns Dubai VASP license for virtual asset brokerage

coinmena-earns-dubai-vasp-license-for-virtual-asset-brokerage
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CoinMENA earns Dubai VASP license for virtual asset brokerage

Crypto asset service provider CoinMENA FZE has obtained a VASP license for virtual asset Broker-Dealer services from Dubai’s VARA.

Until now, CoinMENA has been catering to clients in the UAE from its headquarters in Bahrain.

Building strong relationships

CoinMENA will now operate from its Dubai Head Office, providing convenient money services to UAE users. 

“Thanks to the regulatory clarity from VARA, Dubai is becoming a global hub for crypto and digital asset financial services,” CoinMENA co-founders Dina Sam’an and Talal Tabbaa said in a statement.

“Building strong relationships with local regulators has been our priority since day one. We are delighted to have received a license from VARA, which further strengthens our market position and gives our users and investors confidence,” Sam’an added.

Per the Dec. 13 press release, collaborating with VARA will enable the virtual asset provider to serve institutional and retail users in the Emirate while minimizing fiat-to-crypto transaction costs.

A global crypto hub

In 2022, Dubai announced aspirations to establish itself as a global crypto hub and subsequently engaged in discussions with VARA regarding the regulatory framework for digital asset operators. 

Since then, various companies, including Binance, crypto.com, Hex Trust, and OKX, have obtained approval to establish regional operations and cater to customers.