CoinMENA
FZE, a subsidiary of CoinMENA B.S.C. (c), has obtained a Virtual Asset Service
Provider (VASP) license for VA Broker-Dealer services from Dubai’s Virtual
Assets Regulatory Authority (VARA). This license allows the company to operate
and offer its services in and from Dubai.
Headquartered
in Bahrain, CoinMENA is licensed by the Central Bank of Bahrain as a crypto
asset service provider (category-3). CoinMENA FZE, licensed as a VASP for
Virtual Asset Broker-Dealer services by VARA, seeks to empower investors in the
MENA region by providing access to crypto asset investment options.
Talal Tabbaa, Co-founder, CoinMENA, Source: LinkedIn
The
platform allows users to buy, sell, store, and receive digital assets securely,
along with deposit and withdrawal options in their local currency. Up
until now, CoinMENA has been serving clients in the UAE from its base in
Bahrain. With the newly acquired VARA license, CoinMENA FZE can now serve
clients from its Dubai Head Office, utilizing local banking services and
providing UAE-based users with the convenience of instant money deposits and
withdrawals.
CoinMENA’s
co-founders, Dina Sam’an and Talal Tabbaa, expressed their appreciation for the
regulatory clarity provided by VARA, highlighting Dubai’s emergence as a global
hub for crypto and digital asset financial services. Sam’an emphasized the
importance of building strong relationships with local regulators, stating that
the VARA license strengthens their market position and instills confidence in
users and investors.
Tabbaa
added: “Dubai is at the forefront of crypto growth and innovation,” and working
with VARA will enhance their ability to serve institutional and retail users in
the Emirate while reducing fiat-to-crypto transaction costs.
Surge
in VARA Licenses Signals Cryptocurrency Approval Wave
In
a previous report, Finance Magnates
noted that Fasset
FZE secured a VASP license from VARA, enabling the provision of
broker-dealer services through its web3-based financial platform. This license
is part of a growing trend, with Crypto.com and Ripple also obtaining VARA
licenses for virtual asset services.
Notably,
Crypto.com‘s
branch, CRO DAX Middle East FZE, achieved this milestone, while Ripple’s XRP
gained approval for usage within the Dubai International Financial Centre,
marking a significant recognition under the DIFC’s virtual assets framework.
This
development has positioned XRP as the first virtual asset to receive such…
