CoinMENA FZE, a subsidiary of CoinMENA B.S.C. (c), has obtained a Virtual Asset Service Provider (VASP) license for VA Broker-Dealer services from Dubai’s Virtual Assets Regulatory Authority (VARA). This license allows the company to operate and offer its services in and from Dubai.
CoinMENA FZE's Dubai Venture with VARA License
Headquartered in Bahrain, CoinMENA is licensed by the Central Bank of Bahrain as a crypto asset service provider (category-3). CoinMENA FZE, licensed as a VASP for Virtual Asset Broker-Dealer services by VARA, seeks to empower investors in the MENA region by providing access to crypto asset investment options.
The platform allows users to buy, sell, store, and receive digital assets securely, along with deposit and withdrawal options in their local currency. Up until now, CoinMENA has been serving clients in the UAE from its base in Bahrain. With the newly acquired VARA license, CoinMENA FZE can now serve clients from its Dubai Head Office, utilizing local banking services and providing UAE-based users with the convenience of instant money deposits and withdrawals.
CoinMENA’s Co-Founders, Dina Sam’an and Talal Tabbaa, expressed their appreciation for the regulatory clarity provided by VARA, highlighting Dubai's emergence as a global hub for crypto and digital asset financial services. Sam’an emphasized the importance of building strong relationships with local regulators, stating that the VARA license strengthens their market position and instills confidence in users and investors.
Tabbaa added: “Dubai is at the forefront of crypto growth and innovation,” and working with VARA will enhance their ability to serve institutional and retail users in the Emirate while reducing fiat-to-crypto transaction costs.
Surge in VARA Licenses Signals Cryptocurrency Approval Wave
In a previous report, Finance Magnatesnoted that Fasset FZE secured a VASP license from VARA, enabling the provision of broker-dealer services through its web3-based financial platform. This license is part of a growing trend, with Crypto.com and Ripple obtaining VARA licenses for virtual asset services.
Notably,Crypto.com's branch, CRO DAX Middle East FZE, achieved this milestone, while Ripple's XRP gained approval for usage within the Dubai International Financial Centre, marking a significant recognition under the DIFC's virtual assets framework.
This development has positioned XRP as the first virtual asset to receive such approval. Finance Magnates reported on the increasing number of cryptocurrency entities securing VARA licenses, including CFI, GCEX, HEX, and Ripple, highlighting Dubai's growing prominence in the crypto industry.
This article was written by Tareq Sikder at www.financemagnates.com.
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