CoinMENA Obtains VASP License for Virtual Asset Broker-Dealer Services
Crypto asset service provider CoinMENA FZE has acquired a VASP license from Dubai’s VARA, allowing it to offer virtual asset Broker-Dealer services. Previously operating from Bahrain, CoinMENA will now serve UAE users from its Dubai Head Office, providing convenient money services.
Building Strong Relationships with Local Regulators
CoinMENA’s co-founders, Dina Sam’an and Talal Tabbaa, expressed their appreciation for the regulatory clarity provided by VARA. They emphasized the importance of establishing strong relationships with local regulators and highlighted how the license strengthens their market position and instills confidence in users and investors.
Dubai’s Aspirations as a Global Crypto Hub
Dubai aims to become a global crypto hub and has been actively engaging with VARA to establish a regulatory framework for digital asset operators. Several companies, including Binance, crypto.com, Hex Trust, and OKX, have already obtained approval to operate regionally and cater to customers in Dubai.
Hot Take: Dubai Emerges as a Leading Destination for Crypto Businesses
Dubai’s efforts to position itself as a leading destination for crypto businesses are paying off. The regulatory clarity provided by VARA has attracted various companies seeking to establish regional operations in the Emirate. CoinMENA’s acquisition of the VASP license further solidifies Dubai’s reputation as a global hub for crypto and digital asset financial services. This development not only benefits CoinMENA but also enhances convenience and reduces transaction costs for institutional and retail users in the UAE.
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