CoinMENA, a Bahrain-based digital asset trader, has been granted a temporary licence for tangible assets by the Virtual Assets Regulatory Authority (VARA) of Dubai on 20 June. CoinMENA will be allowed to continue operating in Dubai while it “conducts a deep process” to apply for a licence, according to digital commodity trading.
The temporary authorisation permits sharia-compliant exchanges to expand their operations in the United Arab Emirates.
CoinMENA co founders, Alal Tabbaa and Dina Sam’an, stated:
“VARA has created a progressive framework that allows organisations to innovate while remaining secure. We will be able to grow our business and enhance our banking relationships in the UAE as a result of the provisional licence granted by the government to CoinMENA.”
CoinMENA has already received two digital asset licences, one from the Central Bank of Bahrain (CBB) and the other from the European Union, according to the release. Helal Saeed Almarri, director general of the Dubai World Trade Centre Authority, praised the decision to exchange digital goods.
CoinMENA is expected to be able to make its products and services available to institutional investors after receiving temporary authorisation from VARA.
VARA’s director general Saaed Almarri stated:
“We are delighted to welcome CoinMENA to Dubai’s burgeoning virtual asset ecosystem. VARA is dedicated to assisting leading regional businesses in laying strong foundations for the future economy.”
The regulator welcomes the “knowledge and experience” of digital asset exchanges, according to Almarri, and looks forward to “its effective interaction as VARA establishes a state-of-the-art asset management center in the UAE, worldwide.”
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