CoinMENA FZE Obtains VASP License for VA Broker-Dealer Services in UAE

CoinMENA FZE, the Dubai unit of CoinMENA B.S.C. (c), a regulated cryptoc exchange headquartered in the Kingdom of Bahrain, has been granted a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA).

CoinMENA's co-founders Dina Sam'an and Talal Tabbaa commented, "Thanks to the regulatory clarity from VARA, Dubai is becoming a global hub for crypto and digital asset financial services."

With the new license, CoinMENA FZE can now operate and provide virtual asset broker-dealer services in and from its Dubai Head Office, and take advantage of local banking services, delivering instant money deposits and withdrawals to UAE-based clients. 

CoinMENA B.S.C. (c) has, to this point, been serving its customers in the region from its base in Bahrain.

"Building strong relationships with local regulators has been a priority for us since day one. We are delighted to have received a license from VARA, which further strengthens our market position and gives confidence to our users and investors," said Sam’an.

"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."