2 years ago
Coinmena, the Bahrain-headquartered and sharia-compliant integer plus exchange, announced precocious that it had secured a provisional virtual assets licence from Dubai’s Virtual Assets Regulatory Authority (VARA). The licence allows Coinmena to not lone grow its activities but to “further fortify [its] banking relationships wrong the UAE.”
Expanding Coinmena’s Activities successful the UAE
A Bahrain-headquartered integer plus exchange, Coinmena, has been granted a provisional virtual assets licence by Dubai’s Virtual Assets Regulatory Authority (VARA). The provisional licence allows Coinmena to proceed its operations successful Dubai portion “it undertakes the in-depth process” of acquiring a license, the integer plus speech has said.
According to a statement released by the sharia-compliant exchange, the provisional licence allows Coinmena to grow its activities wrong the United Arab Emirates (UAE). In their associated statement, the integer plus exchange’s co-founders, Talal Tabbaa and Dina Sam’an, said:
VARA has developed a progressive model wrong which businesses tin enactment innovatively and securely. As a effect of the provisional licence issued to CoinMENA by the authority, we volition beryllium capable to grow our activities and further fortify our banking relationships wrong the UAE.
Prior to receiving its latest license, Coinmena had secured 2 integer assets licenses, 1 from the Central Bank of Bahrain (CBB) and the different 1 successful the European Union, the connection added.
Growing Dubai’s Virtual Asset Ecosystem
Meanwhile, Helal Saeed Almarri, manager wide astatine the Dubai World Trade Centre Authority — the assemblage that houses VARA — commended the integer plus exchange’s move.
“We are pleased to invited CoinMENA to the increasing virtual plus ecosystem successful Dubai. VARA is committed to supporting starring determination enterprises dedicated to gathering beardown foundations for this aboriginal economy,” the manager wide said.
Almarri added that the regulator appreciates the “knowledge and experience” that the integer plus speech brings and is looking guardant to its “active information arsenic VARA builds a best-in-class virtual assets regulatory situation successful the UAE, for the world.”
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