- Following the VASP license, CoinMENA FZE can now operate operations and services in and from the Emirate.
- CoinMENA focuses on reducing fiat-to-crypto transaction costs.
- CoinMENA FZE has joined the growing list of Virtual Asset Service Providers actively contributing to Dubai’s evolving crypto ecosystem.
CoinMENA FZE, a subsidiary of CoinMENA B.S.C (c), has secured a Virtual Asset Service Provider (VASP) license for Virtual Asset Broker-Dealer services from Dubai’s Virtual Assets Regulatory Authority (VARA).
This development positions CoinMENA FZE to expand its operations in Dubai, offering a range of services to clients in the United Arab Emirates (UAE).
CoinMENA’s Dubai debut
In a joint statement, CoinMENA’s co-founders, Dina Sam’an and Talal Tabbaa, highlighted the crucial role of regulatory clarity provided by VARA in positioning Dubai as a global hub for crypto and digital asset financial services. The licensing from VARA enables CoinMENA FZE to operate and offer services from its Dubai Head Office, utilizing local banking services for seamless transactions.
The co-founders emphasized the strategic importance of building strong relationships with local regulators, citing this as a priority since the inception of CoinMENA. With the VASP license, CoinMENA FZE aims to better serve both institutional and retail users in Dubai while simultaneously reducing fiat-to-crypto transaction costs.
Dubai’s crypto innovation hub
Dubai, at the forefront of crypto growth and innovation, has been actively launching initiatives to foster the adoption of digital assets in the region. CoinMENA FZE, now armed with the VARA license, stands poised to contribute to Dubai’s vision as a global crypto hub. Collaborating with VARA, the company aims to support the borderless economy and further integrate digital assets into the financial landscape.
CoinMENA B.S.C (c), headquartered in Bahrain, holds a category-3 crypto asset service provider license from the Central Bank of Bahrain (CBB). The company seeks to empower investors in the MENA region by providing a secure and accessible platform for participating in the digital economy.
This development follows Dubai’s commitment to creating an advanced legal framework, with VARA playing a central role in regulating and overseeing Virtual Assets and Activities across the Emirate, excluding the Dubai International Financial Centre.
Some of the other crypto entities that have received regulatory clearance from the VARA include OKX, which received its license in July 2022 and GC Exchange FZE (GCEX) which was licensed in November 2023.