DUBAI, UAE, Dec. 13, 2023 /PRNewswire/ — CoinMENA FZE, a subsidiary of CoinMENA B.S.C. (c), one of the few regulated crypto asset service providers in the region, has successfully obtained a Virtual Asset Service Provider (VASP) license for VA Broker-Dealer services from Dubai’s Virtual Assets Regulatory Authority (VARA) to operate and offer its services in and from the Emirate.
CoinMENA B.S.C (c) has, to this point, been serving clients in the UAE from its base in Bahrain. With the award of the VARA license, CoinMENA FZE can now serve clients from its Dubai Head Office and utilize local banking services, offering UAE-based users the convenience of instant money deposits and withdrawals.
Commenting in a joint statement, CoinMENA’s co-founders Dina Sam’an and Talal Tabbaa said: “Thanks to the regulatory clarity from VARA, Dubai is becoming a global hub for crypto and digital asset financial services.”
“Building strong relationships with local regulators has been a priority for us since day one,” said Sam’an. “We are delighted to have received a license from VARA, which further strengthens our market position and gives confidence to our users and investors.”
“Dubai is at the forefront of crypto growth and innovation, launching various initiatives to push the adoption of the digital asset in the region,” added Tabbaa. “Working with VARA will enable us to better serve our institutional and retail users in the Emirate as well as reduce fiat to crypto transaction costs.”
Headquartered in the Kingdom of Bahrain, CoinMENA B.S.C. (c) is licensed by the Central Bank of Bahrain (CBB) as a crypto asset service provider (category-3). CoinMENA FZE, a subsidiary of CoinMENA B.S.C. (c), is licensed as a Virtual Asset Service Provider (VASP) for Virtual Asset Broker-Dealer services from Dubai’s Virtual Assets Regulatory Authority (VARA). CoinMENA seeks to empower new and seasoned investors in the MENA region who want access to crypto asset investment options by allowing them to participate in the new digital economy. Through CoinMENA, investors can buy, sell, store, and receive digital assets safely and securely, as well as deposit and withdraw in their local currency. Through competitive fees, high liquidity, and an educational approach, CoinMENA aims to be the simplest and most trusted digital assets exchange platform in the region.
Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.
For more information visit: www.vara.ae