Dubai’s VARA has granted CoinMENA FZE, a crypto asset service provider, a VASP license for virtual asset Broker-Dealer services.
CoinMENA has operated out of its Bahrain headquarters, serving customers in the United Arab Emirates. With its new headquarters in Dubai, CoinMENA will now serve UAE consumers with easy-to-use money services.
“Thanks to the regulatory clarity from VARA, Dubai is becoming a global hub for crypto and digital asset financial services,”
CoinMENA co-founders Dina Sam’an and Talal Tabbaa said in a statement. “Building strong relationships with local regulators has been our priority since day one. We are delighted to have received a license from VARA, which further strengthens our market position and gives our users and investors confidence,” Sam’an added.
The virtual asset provider will be able to service institutional and retail consumers in the Emirate while lowering fiat-to-crypto transaction costs thanks to its partnership with VARA, according to a press statement dated December 13.
Dubai said in 2022 that it wanted to become a global center for cryptocurrencies and then started talking to VARA about the laws governing digital asset owners.
Since then, several businesses, including Binance, crypto.com, Hex Trust, and OKX, have been granted permission to open regional offices and provide customer service.
