CoinMENA FZE, a subsidiary of CoinMENA BSC (c), has received a virtual asset service provider (VASP) license for VA Broker-Dealer services from the Dubai Virtual Asset Regulatory Authority (VARA) to operate and offer its services within and from the Emirate.
CoinMENA BSC (c) has, so far, served clients in the UAE from its base in Bahrain. With the granting of the VARA license, CoinMENA FZE can now serve clients from its Dubai headquarters and use local banking services, offering UAE-based users the convenience of instant deposits and withdrawals.
CoinMENA co-founders Dina Sam’an and Talal Tabbaa said:
“Thanks to VARA’s regulatory clarity, Dubai becomes a global hub for crypto and digital asset financial services.”
“Building strong relationships with local regulatory authorities has been a priority for us since day one,” said Sam’an. “We are delighted to have been licensed by VARA, which further strengthens our market position and gives confidence to our users and investors.”
“Dubai is at the forefront of crypto development and innovation, launching various initiatives to drive adoption of the digital asset in the region,” Tabbaa added. “Partnering with VARA will allow us to better serve our institutional and retail users in the Emirate, as well as reduce the cost of fiat to crypto transactions.”