CoinMENA obtains a virtual asset services license in the UAE

CoinMENA FZE, a subsidiary of CoinMENA B.S.C. (c), has successfully secured a Virtual Asset Service Provider (VASP) license for VA Broker-Dealer services from Dubai’s Virtual Assets Regulatory Authority (VARA).

This achievement positions CoinMENA as one of the few regulated crypto asset service providers in the region, allowing it to operate and extend its services within and from the Emirate.

Previously, CoinMENA B.S.C (c) served its clientele in the UAE from its headquarters in Bahrain. With the VARA license now in place, CoinMENA FZE gains the ability to serve clients directly from its Dubai Head Office. Moreover, this license enables the utilization of local banking services, offering users in the UAE the convenience of instant money deposits and withdrawals.

Dina Sam’an and Talal Tabbaa, the co-founders of CoinMENA, expressed their gratitude for the regulatory clarity provided by VARA, emphasizing Dubai’s emerging role as a global hub for crypto and digital asset financial services.

They highlighted the company’s commitment to building strong relationships with local regulators, as demonstrated by obtaining the VARA license.

Sam’an stated, “We are delighted to have received a license from VARA, which further strengthens our market position and gives confidence to our users and investors.

” Talal Tabbaa added, “Dubai is at the forefront of crypto growth and innovation, launching various initiatives to push the adoption of the digital asset in the region.

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.”

This move aligns with CoinMENA’s mission to empower both new and seasoned investors in the MENA region, providing access to a range of crypto asset investment options and facilitating participation in the evolving digital economy. Through its platform, investors can buy, sell, store, and receive digital assets securely, as well as deposit and withdraw in their local currency.

By offering competitive fees, high liquidity, and an educational approach, CoinMENA aims to become the most trusted digital asset exchange platform in the region.

VARA, established in March 2022, plays a pivotal role in regulating, supervising, and overseeing Virtual Assets (VAs) and VA Activities across the Emirate of Dubai.

This includes all zones, excluding the Dubai International Financial Centre, and involves the creation of an advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance. VARA’s vision is to support the development of a borderless economy.

CoinMENA’s commitment extends beyond regulatory compliance, emphasizing continued collaboration with regulatory authorities in Dubai and beyond to provide high-quality services in the Middle East and other regions.

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