Empowered In UAE: CoinMENA Latest Crypto License Signals Market Advancement

Dubai’s dynamic virtual asset market has experienced notable growth by issuing a new Virtual Asset Service Provider (VASP) license to CoinMENA. However, this Bahrain-based cryptocurrency exchange has expanded its operational reach in the emirate, strengthening its position in the Middle East’s rapidly growing digital asset sector.

Furthermore, CoinMENA FZE, the Dubai branch of CoinMENA B.S.C. based in Bahrain, has reached a crucial milestone with the acquisition of a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

The announcement on Dec 12 signifies that the platform is now authorized to provide virtual asset broker-dealer services both within and from Dubai. This marks a noteworthy advancement from the provisional license the company had previously held.

Empowered by the granted license, CoinMENA can now serve retail and institutional customers, enabling transactions in UAE dirhams. This is anticipated to simplify the trading process by removing the complexities linked to foreign exchange. This move aligns with Dubai’s vision to become a global hub for cryptocurrency, emphasizing its strategic significance.

CoinMENA’s co-founders, Dina Sam’an and Talal Tabbaa, underscored the significance of regulatory compliance in their expansion strategy. Moreover, they acknowledged Dubai’s pioneering role in advancing cryptocurrency adoption and innovation within the region.

CoinMENA Gulf Expansion: Digital Currency License & Regional Focus

The crucial collaboration with VARA is instrumental in improving service offerings to users in the emirate, specifically focusing on minimizing transaction costs related to fiat-to-crypto conversions.

CoinMENA gained a reputation in the Middle East by se­curing a category-3 digital currency service­ provider license from the Central Bank of Bahrain (CBB) in 2021. This license allowed the firm to perform activities across the Gulf Cooperation Council member nations.

The new permit is UAE-focused, with the Bahrain branch catering to clients across diverse regions. However, the company’s partnership with Zand’s digital banking platform reaffirms its dedication to incorporating cutting-edge financial solutions in the area. CoinMENA, a VASP license holder in Dubai, readies for rising competition amid entities like Fasset. Strategizing for market dynamics is paramount.

A CoinMENA representative recognized intensifying competition in Dubai, foreseeing global crypto hub aspirations attracting international participants. Strategic service differentiation and value proposition refinement are crucial considerations to maintain a competitive edge. To stay competitive, strategic differentiation of services and value propositions is essential for sustaining a distinctive advantage.

Related Reading | AVAX Overtakes DOGE As Ninth-Largest Crypto Amid DEX Growth

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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