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Tuesday, March 28, 2023

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

Middle East Crypto Exchange Coinmena Enters Qatar Market – Residents of Qatar can now purchase and sell cryptocurrencies on Coinmena’s platform, according to the Bahrain-based cryptocurrency exchange. The cryptocurrency exchange claims to be the first licensed digital asset exchange to make its platform available to Qatar residents.

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Coinmena, a cryptocurrency exchange based in Bahrain, has become the first regulated digital asset exchange to operate in Qatar. Coinmena’s entry into Qatar, according to a statement made by the exchange on May 19, implies that Qatar residents can now link their bank accounts to their crypto wallets. This allows them to directly deposit and withdraw funds in a secure manner.

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Coinmena’s co-founders, Dina Sam’an and Talal Tabbaa, said in a joint statement following the exchange’s newest debut into another Middle East and North Africa (MENA) market:

“We are thrilled to be the first cryptocurrency exchange in Qatar to offer our services. For a long time, investors have been inquiring about our plans to enter the country, so this news is a significant step forward in our long-term geographic market expansion goals.”

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Meanwhile, Sam’an stated that Coinmena aspires to be the region’s favorite crypto financial services company and is always seeking new countries to join.

Coinmena’s debut into Qatar comes just months after it was claimed that the Middle Eastern government was considering launching a digital currency. According to one report, the central bank will decide whether or not to launch a digital currency when it completes its study.

Meanwhile, the Qatar Central Bank (QCB) is said to have published a statement in response to Coinmena’s announcement, warning people against dealing with unlicensed financial institutions and service providers.

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The QCB emphasized that no financial institution has been licensed to provide services of exchange, transfer, trading, and dealing on virtual currencies, according to a translation of the central bank’s Arabic language warning published by The Peninsula.

The QCB also issued a warning on May 19, stating that any entity providing virtual asset services without a license from the central bank will face legal action.

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