Crypto Exchange CoinMENA Gets VARA License from Dubai Regulator
CoinMENA a digital asset services provider hailing from Bahrain has acquired a license in Dubai. The license has been issued by the Virtual Asset Regulatory Authority (VARA). As a licensed firm, the platform can offer dirham withdrawals and deposits for consumers in the United Arab Emirates.
CoinMENA as a Virtual Asset Broker
The license has been granted to CoinMENA BSC a subsidiary of CoinMENA FZE operating in Dubai. In this manner, the Dubai wing of the platform will be operated as a virtual asset broker.
The announcement was published recently, a year after the platform in question acquired a provisional license from regulators hailing from Dubai. In this manner, retail and institutional investors hailing from the region will be able to make digital trades to exchange dirhams without using foreign exchange companies.
CoinMENA co-founders Talal Tabbaa and Dina Sam’an mentioned in a joint statement that the VASP license has consolidated the status of Dubai as the hub for digital asset services. The executive noted that the firm has been working on building strong relationships with the local regulators.
Blockchain Development in Dubai
Tabbaa, the co-founder of CoinMENA noted that Dubai is one of the prime spots for the development and growth of blockchain startups. He further noted that the firm is working on various ventures to encourage the promotion of digital assets in the area.
He also noted that working alongside VARA regulators will assist the firm in catering to the commercial and retail investors hailing from the Emirates.
At the same time, the new business will also work on decreasing the cost of blockchain transactions. The firm also noted that it was working alongside a digital banking firm called Zand.
CoinMENA has been regulated by the Central Bank of Bahrain (CBB) since 2021. The firm has acquired a category-3 license from CBB that allows it to offer services to various investors across member nations of the Gulf Cooperation Council.
A spokesperson working for CoinMENA recently stated that a new license is applicable to investors based within the UAE. Furthermore, their business from Bahrain will cover the remainder of their total clientele.
The firm has formed partnerships with various digital asset brokerage services providers such as Fasset and Laser Digital to increment the scope of operations.
Nine Blocks to Acquire Digital Asset License in Dubai
Nine Blocks, a Capital Management firm has nominated Dubai as headquarters for operations. The firm has also launched the first crypto hedge fund after acquiring a VASP license in the region In November.
Various crypto startups are heading towards the economic hub on account of favorable business policies and concentrated profit potential. Regulators in Dubai have chartered a comprehensive regulatory framework and standardized licensing procedure to streamline license acquisition.
The CEO of the hedge fund noted that various digital asset hedge funds are present within a minute’s walk supporting the process of business correspondence and communication.
Nine Block has retained a market-neutral policy and uses techniques such as arbitrage and price inconsistencies. The firm noted that it does take directional risk and therefore remains in profit regardless of price movement. He explained that the firm is swapping positions between perpetual swaps and spot prices of digital currencies.
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