CoinMENA, a Bahrain-based and sharia-compliant digital asset exchange, has announced it recently acquired a provisional licence for operating digital assets from the Virtual Assets Regulatory Authority (VARA) of Dubai. The licence allows the company to expand its operations and further strengthen banking relationships in the UAE. 

CoinMENA Expands its Activities in the UAE

A Bahrain-headquartered crypto asset exchange, CoinMENA, has received a provisional virtual assets licence by Dubai’s Virtual Assets Regulatory Authority (VARA). The provisional licence allows the exchange to take its operations to Dubai as it goes through the process of getting a full licence. 

According to a statement from CoinMENA, the provisional licence will help it to expand its operations in the UAE. “VARA has developed a progressive framework within which businesses can work innovatively and securely. As a result of the provisional licence issued to CoinMENA by the authority, we will be able to expand our activities and further strengthen our banking relationships within the UAE,” read a joint statement from co-founders Dina Sam’am and Talal Tabbaa.

Before getting the licence in the UAE, CoinMENA had received two more licences, one from the European Union and the other from the Central Bank of Bahrain (CBB). 

The Expanding Dubai’s Virtual Asset Economy 

The director-general at the Dubai World Trade Centre Authority, Helal Saeed Almarri, commended the digital asset’s move. “We are pleased to welcome CoinMENA to the growing virtual asset ecosystem in Dubai. VARA is committed to supporting leading regional enterprises dedicated to building strong foundations for this future economy,” the director-general indicated.

Furthermore, the director said that the regulator acknowledged and appreciated the knowledge CoinMENA is adding to the economy and looks forward to its active participation as it works in a new regulatory environment.