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Dubai’s VARA grants CoinMENA provisional license to continue its operations in Dubai

CoinMENA, the Sharia-compliant digital asset exchange authorized and regulated by the Central Bank of Bahrain, has obtained a Provisional Virtual Assets License from the Dubai Virtual Assets Regulatory Authority (VARA) to continue its business operations in Dubai while conducting an in-depth investigation of the license application process, in accordance with VARA requirements.

Helal Saeed Almarri, Director-General of the Dubai World Trade Center Authority, which houses VARA said that they are glad to welcome coinMENA to the growing virtual asset ecosystem in Dubai. For this upcoming future economy, VARA is committed to supporting major regional enterprises dedicated to building strong foundations. They appreciated the experience and knowledge that CoinMENA has brought as a platform focused on the MENA region. They also said that they are looking forward to their energetic participation as VARA does build a best-in-class virtual assets regulatory environment in the UAE, for the World.

CoinMENA has successfully obtained two digital asset licenses in its first year of operations, the first from the Central Bank of Bahrain (CBB) and the second in the European Union. The provisional VARA license would be the third license and will allow CoinMENA to offer its products and services to institutional investors.

Commenting in a joint statement, CoinMENA co-founders Talal Tabbaa and Dina Sam’an said that VARA has developed a progressive framework within which companies can work creatively and safely. As a result of the provisional license issued to CoinMENA by the authority, they would be able to expand their activities and further strengthen their banking relationships within the United Arab Emirates (UAE). They also mentioned that they are excited about what this means for the region and CoinMENA. They thanked the clarity of the regulations provided by VARA, all the major crypto companies in the world are already in Dubai or are planning to move there.

Tabbaa told, that they are looking forward to working with VARA so that they can build a progressive ecosystem that allows the users to have secure exposure to the emerging digital asset class.

Sam’an also added that they are so proud to have obtained a provisional license from VARA. Regulatory Clarity, it is essential for the users and investors. This allows them to contribute so that they can build a robust regulatory infrastructure, and enable the maintainable growth of the digital economy in the region.

VARA’s provisional license issuance is the latest in a series of milestones achieved by CoinMENA during the last 12 months. The company recently became the first Crypto exchange licensed on land to introduce limited trading. Other highlights include the introduction of USDT withdrawals through the TRON TRC20 network and the addition of eight new digital assets bringing the platform total to 21. 

CoinMENA will continue to add more user-centric features to its platform over the next few years.

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