Dubai’s Digital Belongings Regulatory Authority (VARA) has awarded a digital asset service supplier (VASP) license to Bahrain-headquartered cryptocurrency alternate CoinMENA to function and supply companies in and from the Emirates.
The license acquired by CoinMENA FZE, the Dubai subsidiary of CoinMENA B.S.C., permits the platform to supply digital asset broker-dealer companies, the Dec. 12 announcement shared with Cointelegraph stated. It comes a 12 months after the platform obtained a provisional license from the Dubai regulator.
The information is out! CoinMENA is formally licensed in Dubai.https://t.co/lbOq7GHtti
— CoinMENA | كوين مينا (@CoinMENA) December 13, 2023
The allow additionally permits CoinMENA to offer retail and institutional clients within the United Arab Emirates with the power to deposit and withdraw in UAE dirhams to make trades quicker with out international alternate components.
CoinMENA co-founders Dina Sam’an and Talal Tabbaa stated in a joint assertion that regulatory readability from VARA has made Dubai an rising international hub for crypto and digital asset monetary companies, with Sam’an including that constructing “robust relationships” with native regulators has been a precedence for the agency. Her fellow founder added:
“Dubai is on the forefront of crypto progress and innovation, launching numerous initiatives to push the adoption of the digital asset within the area. Working with VARA will allow us to raised serve our institutional and retail customers within the emirate in addition to cut back fiat to crypto transaction prices.”
The alternate stated it’s already in partnership with digital banking platform Zand.
CoinMENA has been a regulated entity licensed by the Central Financial institution of Bahrain (CBB) since 2021. Particularly, CoinMENA holds a category-3 crypto asset service supplier license from the CBB, which permits it to supply its companies to customers throughout the member nations of the Gulf Cooperation Council.
A spokesperson for CoinMENA advised Cointelegraph in an e mail response that the brand new license will solely have an effect on customers based mostly within the UAE and that their Bahrain entity will proceed serving the remainder of their buyer base.
“The aggressive panorama is simply going to get extra aggressive,” the spokesperson stated. “We’re underneath no illusions that Dubai goals to grow to be a world crypto hub, and as such, we anticipate many international gamers to return in.”