Digital Asset Exchange Coinmena Secures Provisional License Allowing It to Operate in the UAE – The Virtual Assets Regulatory Authority (VARA) in Dubai has awarded Coinmena, a Bahrain-based digital asset exchange, a provisional virtual assets license.
The provisional license allows Coinmena to continue operating in Dubai while the digital asset exchange “undertakes the in-depth process” of obtaining a license, according to the digital asset exchange.
The provisional license permits Coinmena to expand its business within the United Arab Emirates, according to a statement made by the sharia-compliant exchange.
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Talal Tabbaa and Dina Sam’an, co-founders of the digital asset exchange, said in a joint statement:
“VARA has created a progressive framework that allows organizations to innovate while remaining secure. We will be able to grow our business and enhance our banking relationships in the UAE as a result of the provisional license granted by the authority to CoinMENA.”
Coinmena had already obtained two digital asset licenses, one from the Central Bank of Bahrain (CBB) and the other from the European Union, according to the statement.
VARA’s move was commended by Helal Saeed Almarri, director general of the Dubai World Trade Centre Authority, which houses the digital asset exchange.
“We are delighted to welcome CoinMENA to Dubai’s growing virtual asset ecosystem.” The director general stated, “VARA is committed to helping outstanding regional firms dedicated to laying strong foundations for this future economy.”
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Almarri then went on to say that the regulator values the digital asset exchange’s “knowledge and experience” and looks forward to its “active participation as VARA establishes a best-in-class virtual assets regulatory environment in the UAE, for the world.”
