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A subsidiary of the Bahrain-based Bitcoin exchange, CoinMENA FZE, has been granted a Virtual Asset Service Provider (VASP) license by Dubai’s Virtual Asset Regulatory Authority (VARA).
This marks the seventh VASP license issued by the Dubai regulator.
In a press release, the exchange announced that this significant milestone will enhance accessibility to the crypto market in the United Arab Emirates (UAE).
Before obtaining the VASP license, CoinMENA catered to UAE-based residents from its headquarters in the Kingdom of Bahrain, where it is licensed as a crypto asset service provider (category 3) by the Central Bank of Bahrain (CBB).
The news is out! CoinMENA is officially licensed in Dubai.https://t.co/lbOq7GHtti
— CoinMENA | كوين مينا (@CoinMENA) December 13, 2023
Now, customers in the region will benefit from local banking services in their crypto trading endeavors. Additionally, licensing the platform’s operations in the country enables CoinMENA customers to enjoy instant money deposits and withdrawals.
Speaking on the development, CoinMENA’s co-founders, Dina Sam’an and Talal Tabbaa, commended the regulatory clarity evident in the Dubai blockchain ecosystem through VARA.
They emphasized that regulatory compliance has been a fundamental aspect of the Bitcoin exchange since its inception in its home country.
Given this, the VASP license positions the exchange in a favorable position to better serve retail and institutional investors in Dubai while reducing fiat-to-crypto transaction costs within the country.
Since its launch in March 2022, VARA has played a crucial role in providing a robust supervisory framework. Many crypto-facing firms have acknowledged this approach as essential for implementing safety measures that will foster investor confidence in the nascent industry.
This has helped Dubai become a focal point for crypto growth and innovation, given VARA’s role in the country.
Besides CoinMENA FZE, several blockchain-backed businesses like Crypto.com and Ripple have secured regulatory licenses to offer virtual asset investment services in the region.
Enjinstarter’s AYA Platform Gets Conditional License from VARA
In pursuit of its goal to establish the UAE as a pioneering hub for blockchain technology, VARA has granted a conditional license to Enjinstarter’s AYA platform to offer crypto asset and investment services in the region.
Dubai’s Virtual Assets Regulatory Authority (VARA) granted a conditional license to Enjinstarter’s AYA platform for offering crypto asset and investment services.
Read the full article here: https://t.co/LfAtcMkH6W@enjinstarter @foundation_aya #VARA #Cryptoassets #investment
— ENJINSTARTER (@enjinstarter) December 12, 2023
The platform, which operates as a blockchain launchpad, will allow users to access non-fungible token (NFT) powered music, gamified utility protocols, metaverse, and other blockchain-centric services.
Two weeks prior, crypto brokerage marketplace Fasset secured a full VASP license from the top Dubai regulator, as shown on the public register.
Fasset granted Full Market Product License by VARA! We can now enable real-world value to our users around the world!
https://t.co/Na6Pya3cJk#Fasset #Blockchain #DigitalAssets #VARA #Financialinclusion #B2B2C #ShariahCompliant pic.twitter.com/gOXkmWi11f
— Fasset (@fasset_official) November 30, 2023
Acquiring a full license from VARA typically involves a three-step process. These include securing a provisional permit, moving on to get a preparatory license, and finally obtaining an operational license.
Fasset’s operational license allows the blockchain-centric company to offer users tokenized bonds and stocks with the approval of VARA.
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