Dubai Grants VASP License to CoinMENA
Dubai’s Virtual Assets Regulatory Authority (VARA) has granted a virtual asset service provider (VASP) license to CoinMENA, a cryptocurrency exchange based in Bahrain. This license allows CoinMENA to operate and offer services in the United Arab Emirates (UAE).
Benefits for Customers
The VASP license enables CoinMENA to provide retail and institutional customers in the UAE with the ability to deposit and withdraw in UAE dirhams, making trades faster and eliminating foreign exchange factors.
Dubai as a Global Crypto Hub
CoinMENA co-founders Dina Sam’an and Talal Tabbaa expressed their enthusiasm for Dubai as an emerging global hub for crypto and digital asset financial services. They emphasized the importance of building strong relationships with local regulators, stating that regulatory clarity from VARA has been instrumental in their success. Tabbaa also highlighted Dubai’s various initiatives to promote digital asset adoption.
Partnership with Zand
CoinMENA has already partnered with digital banking platform Zand, further strengthening its position in the region.
Regulated Entity Status
CoinMENA has been a regulated entity licensed by the Central Bank of Bahrain since 2021. The company holds a category-3 crypto asset service provider license, allowing it to serve users across member countries of the Gulf Cooperation Council.
Growing Competition
CoinMENA joins a growing list of VASP licensees for crypto broker-dealer services, including Fasset and Laser Digital. The spokesperson for CoinMENA acknowledged the increasing competition in Dubai’s aim to become a global crypto hub.
Hot Take: CoinMENA Expands Operations in Dubai
By obtaining a VASP license from VARA, CoinMENA has solidified its position in Dubai’s thriving crypto market. This regulatory approval not only allows the exchange to operate and offer services in the UAE but also enables it to provide customers with enhanced trading capabilities. With its partnership with Zand and existing regulatory status, CoinMENA is well-positioned to capitalize on Dubai’s efforts to become a global crypto hub.
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