Coinmena, a cryptocurrency exchange located in Bahrain, has announced on 20th may that citizen of Qatar may now buy and sell cryptocurrency on its website. The cryptocurrency exchange claims to be the first licenced digital asset exchange to make its platform available to Qataris.
Hala #Qatar!
As a fully regulated entity by the Central Bank of Bahrain, we are able to offer our services to residents of all GCC countries. Looking forward to continuing to expand to new markets in MENA from our base in Bahrain. 🚀 pic.twitter.com/2YhPtf4ea7
— CoinMENA | كوين مينا (@CoinMENA) May 20, 2022
Coinmena, launched in 2019, is a Sharia-compliant digital asset exchange approved and controlled by Central Bank Bahrain (CBB). Its Headquarter is in the Kingdom of Bahrain.
Coinmena allow residents to link bank accounts to Crypto Wallets
Coinmena has become the first licenced digital asset exchange to provide its services in Qatar. According to the company, Coinmena’s entry into Qatar implies that inhabitants of the nation may now link their bank accounts with their cryptocurrency wallets. This allows them to immediately and securely deposit and withdraw cash.
Coinmena co-founders Dina Sam’an and Talal Tabbaa stated in a joint statement announcing the exchange’s newest entrance into another Middle East and North Africa (MENA) market: “We are happy to become the first crypto exchange to provide our services in Qatar. Investors have been inquiring about our ambitions to enter the nation for some time, so this announcement marks a significant step forward in our long-term regional market development goals.”
#Qatar, we’re here! 🇶🇦🥇#CoinMENA is the first regulated crypto exchange to launch in Qatar!
🚀If you are a resident of Qatar head over to CoinMENA to sign up and begin your #crypto journey today
Share your referral link and earn a bonus when your friends verify their account. pic.twitter.com/NsvuB1EwTM
— CoinMENA | كوين مينا (@CoinMENA) May 19, 2022
Meanwhile, Dina Sam’an added that Coinmena’s goal is to become the region’s favoured crypto financial services provider. The company is continually striving to add new nations.
Coinmena’s debut into Qatar comes only months after it was rumoured that the Middle Eastern government was considering establishing a digital currency. The decision to launch a digital currency would be decided only when the central bank finalises its research, a source revealed.
virtual currency services without a permit might face legal action, Qatar Central Bank
Meanwhile, the Qatar Central Bank (QCB) is said to have published a statement advising people against interacting with unlicensed financial firms and service providers in response to Coinmena’s announcement.
The QCB emphasised that “no financial institution has been authorised to provide facilities of exchange, transfer, dealing, and trading on digital currencies,” according to the central bank’s Arabic warning published by The Peninsula. In a separate warning issued on May 19, the QCB stated that any firm providing virtual currency services without a permit provided by the central bank will face legal action.
