Middle East Crypto Exchange Coinmena Enters the Qatari Market, Regulator Says No Institution Licenced

Coinmena, the Bahrain-based cryptocurrency exchange, precocious announced that residents of Qatar tin present bargain and merchantability cryptocurrencies connected its platform. The cryptocurrency speech claimed it is the archetypal regulated integer plus speech to unfastened its level to Qatari residents.

Residents Can Now Connect Bank Accounts to Their Crypto Wallets

The Bahrain headquartered cryptocurrency exchange, Coinmena, has go the archetypal regulated integer plus speech to connection its services successful Qatar. According to a statement released by the speech connected May 19, Coinmena’s foray into Qatar means the country’s residents tin present link their slope accounts to their crypto wallets. This enables them to “deposit and retreat funds straight and safely.”

In a associated connection pursuing the exchange’s latest foray into different Middle East and North Africa (MENA) market, Coinmena’s co-founders, Dina Sam’an and Talal Tabbaa said:

We are delighted to go the archetypal crypto speech to connection our services successful Qatar. Investors person been asking astir our plans to participate the state for immoderate clip now, truthful this quality represents a large milestone connected our semipermanent geographic marketplace enlargement plans.

Sam’an, meanwhile, revealed that Coinmena intends to go the “region’s preferred crypto fiscal services company” and is, therefore, perpetually looking to onboard much countries.

Coinmena’s introduction into Qatar comes conscionable a fewer months aft it was reported that the Middle East state was examining the anticipation of issuing a integer currency. However, according to 1 report, the determination to contented a integer currency oregon not volition lone beryllium made erstwhile the cardinal slope completes its study.

Meanwhile, successful an evident effect to Coinmena’s announcement, the Qatar Central Bank (QCB) is reported to person issued a connection informing residents against dealing with “unlicensed fiscal institutions and work providers.”

In a translation of the QCB’s Arabic connection informing published by The Peninsula, the cardinal slope reiterated that “no fiscal instauration has been licenced to supply services of exchange, transfer, trading and dealing connected virtual currencies.” In a informing that was besides issued connected May 19, the QCB said it volition instrumentality ineligible enactment against immoderate entity that provides virtual plus services without a licence issued by the cardinal bank.

What are your thoughts connected this story? Tell america what you deliberation successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons