CoinMENA, the Sharia-compliant digital asset exchange company licensed and regulated by the Central Bank of Bahrain, has obtained a provisional virtual assets license from Dubai’s Virtual Assets Regulatory Authority (VARA) to continue its business operations in Dubai while it undertakes the in-depth process of applying for a license, in accordance with VARA requirements.
VARA, serving as the single custodial entity mandated to license and govern the virtual assets sector in Dubai, including all mainland and free zones, excluding the autonomous Financial Free Zone – Dubai International Financial Centre, 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.
Helal Saeed Almarri, Director General of the Dubai World Trade Centre Authority, that houses VARA 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.”