CoinMENA Secures VASP License from VARA Dubai

The Virtual Assets Regulatory Authority (VARA) of Dubai has issued a virtual asset service provider (VASP) license to CoinMENA, a Bahrain-based cryptocurrency exchange.

This allows them to conduct business and deliver services within the Emirates.

CoinMENA FZE, a Dubai subsidiary of CoinMENA B.S.C., has obtained a license authorizing broker-dealer services for virtual assets, as stated in a statement dated December 12.

The Dubai authority had granted the platform a provisional license one year before this.

With the requisite authorization, CoinMENA can now offer deposits and disbursements in UAE dirham to institutional and retail clients. This will facilitate expedited transactions devoid of any complications related to foreign currencies.

CoinMENA co-founders Talal Tabbaa and Dina Sam’an assert in a joint statement that Dubai has emerged as a prominent hub for digital asset financial services and cryptocurrency due to the regulatory clarification bestowed by VARA.

Additionally, Sam’an declared that the organization has placed a high value on cultivating “solid relationships” with regional regulatory bodies.

Furthermore, it has been disclosed that the exchange has established a partnership with Zand, an online financial platform. In 2021, CoinMENA obtained a license from the Central Bank of Bahrain (CBB), establishing itself as a regulated entity.

With its CBB-issued category-3 crypto asset service provider license, CoinMENA is authorized to serve clients in every member state of the Gulf Cooperation Council.

Consumers in the UAE will be directly affected by the new license, a CoinMENA representative said. Their Bahrain division will continue to provide services to the remaining clientele.