Bahrain-based crypto exchange Coinmena has secured a provisional license to begin operations from the Virtual Assets Regulatory Authority (VARA). This would allow the sharia-compliant digital asset firm to expand its operation in the UAE.
Coinmena Boost Expansion With VARA Approval
Dubai’s regulatory watchdog in charge of digital assets has given its approval to Coinmena to begin a business in the UAE. The crypto exchange is to continue the process of securing a full license.
According to the exchanges’ statement on the latest development, the provisional license is a good move for the company’s expansion. Comment sees the UAE as the regional hub for digit assets in the Gulf region, and being granted the green light is something to be excited about.
In a joint statement, Coinmena’s co-founders, Talal Tabbaa and Dina Sam’an express their opinion on the new development:
“VARA has created a progressive atmosphere for businesses to grow through friendly policies.” For its part, Coinmena would be able to expand its operation and strengthen financial relationships with the UAE banking sector.”
It is worth noting that Coinmena has bagged two other licenses before the UAE’s own. The Central Bank of Bahrain (CBB) and another from the European Union (EU).
The Middle East is fast becoming a virtual asset hub thanks to the huge investment in infrastructure and friendly investor policies. In all this, the Dubai authorities have been working on taking a leading role in the world of digit assets.
It’s Not Over Yet for Dubai’s Crypto Vision
Dubai is a case study on balancing governance with friendly policies to guide companies looking to establish a regional base. While other countries are battling to regulate the crypto space properly, the UAE appears to have made headway over others.
The director-general of the Dubai World Trade Center Authority, Helal Saeed Almarri, commended Coinmena’s move. He added that Dubai is pleased to welcome the exchange to the growing virtual ecosystem.
Almarri added that VARA is a progressive agency dedicated to supporting and building regional startups in the Gulf region. In addition, VARA wants to champion the drive to build a future economy for the Middle East.
VARA has played and will continue to play a crucial role in Dubai’s drive to develop a digital asset ecosystem. Its vision is not just limited to the region alone but to becoming a leading player in the world of crypto and blockchain technology development.
For its part, Coinmena is a Bahrain-based crypto exchange aligned to the sharia way of doing business. The company is the first licensed crypto service provider to implement limited trading for its digital asset products.
It also introduced the USDT withdrawal using the TRON TRC20 platform. In addition, Coinmena also increased its digital assets by adding eight more tokens, bringing the total to 21 coins on its platform.
Now that it has secured provisional approval, the crypto exchange will continue to push for more upgrades and expansion.