Dubai’s Virtual Assets Regulator Grants Provisional License to CoinMENA

  • CoinMENA has already received two digital asset licenses.
  • License would allow CoinMENA to make its services available to institutional investors.

Dubai’s Virtual Assets Regulatory Authority (VARA) has granted a provisional virtual asset license to CoinMENA, a Bahrain-based digital asset exchange. The interim authorization enables CoinMENA to continue operating in Dubai while it “undertakes the in-depth process” of obtaining a license, the digital asset exchange has said. The interim authorization permits CoinMENA to extend its operations in the United Arab Emirates, according to a statement made by the sharia-compliant exchange.

Talal Tabbaa and Dina Sam’an, co-founders of the digital asset exchange, stated:

“VARA has developed a progressive framework within which businesses can work innovatively and securely. As a result of the provisional license issued to CoinMENA by the authority, we will be able to expand our activities and further strengthen our banking relationships within the UAE.”

Global Expansion on the Rise

CoinMENA has already received two digital asset licenses, one from the Central Bank of Bahrain (CBB) and the other from the European Union, according to the statement. Helal Saeed Almarri, the director-general of the Dubai World Trade Center Authority, praised the digital asset exchange’s decision. It is anticipated that the provisional license from VARA would allow CoinMENA to make its goods and services available to institutional investors.

The Director-General said:

“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.” 

Almarri said that the regulator values the digital asset exchange’s “knowledge and experience” and looks forward to its “active participation as VARA builds a best-in-class virtual assets regulatory environment in the UAE, for the world.”

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