CoinMENA, which is a Sharia-compliant digital asset exchange company licenced and regulated by the Central Bank of Bahrain, has obtained a provisional virtual assets license from Dubai’s Virtual Assets Regulatory Authority (VARA).
This will permit CoinMENA to continue its business operations in Dubai, while it undertakes the in-depth process of applying for a licence, in accordance with VARA requirements.
The director general of the Dubai World Trade Centre Authority, that houses VARA, Helal Saeed Almarri, said: “We are pleased to welcome CoinMENA to the growing virtual asset ecosystem in Dubai. VARA is committed to supporting leading regional enterprises dedicated to building strong foundations for this future economy.
“We appreciate the knowledge and experience that CoinMENA brings as a platform focused on the MENA region and look forward to their active participation as VARA builds a best-in-class virtual assets regulatory environment in the UAE, for the world.”
VARA serves as the single custodial entity mandated to license and govern the virtual assets sector in Dubai. This includes all mainland and free zones, excluding the autonomous Financial Free Zone – Dubai International Financial Centre.
The authority is designed as the world’s first participatory governance model with comprehensive legislation and an internationally applicable policy framework.
Through this progressive regulatory environment, VARA aims to foster innovation by enabling a new, robust economic sector that further strengthens Dubai’s position as a global financial hub.
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