MENA crypto broker exchange CoinMENA receives full license from Dubai regulator serving retail clients

MENA crypto broker exchange CoinMENA receives full license from Dubai regulator serving retail clients

CoinMENA has just become one of the first crypto broker from the MENA region to receive a full VASP (Virtual asset service provider license from VARA). As per the license CoinMENA can offer crypto broker services to institutional investors, qualified investors and retail clients.

With this CoinMENA becomes the 10th VASP to receive a license from Dubai’s regulator. CoinMENA already has a license in Bahrain and serves clients across the MENA region.

In August 2023 MENA CoinMENA came out with a new marketing campaign announcing that as a licensed exchange it is serving more than 250,000 users across 8 countries including Bahrain, UAE, KSA, Kuwait, Oman, Qatar, Iraq and Egypt, stating its intentions to expand its base.

Still not to receive are Binance, Bybit, and Crypto.com, while BitOasis has been removed totally from VARA’s registered VASP list.

This comes after M2 launched its operations out of Abu Dhabi.

M2 crypto exchange first in UAE to cater to all retail clients

M2 crypto exchange first in UAE to cater to all retail clients

On the launch day of M2 crypto exchange and custodian the exchange which is fully regulated by ADGM (Abu Dhabi Global Market) is the first to serve retail clients in the UAE.

Abu Dhabi headquartered M2, which is licensed by the FSRA in the ADGM, has been recognized as a fully regulated Multilateral Trading Facility (MTF) and Custodian and is now able to on-board UAE residents and institutional clients.

M2 will be able to offer best-in-class trading products targeted at both retail and institutional investors in the UAE. The services coming soon will include, virtual Asset Custody where Investors will be able to manage their Virtual Assets in M2’s custodial wallets and offline storage facility, conveniently and securely with the easy-to-use on ramp and off ramp mechanism.

In addition clients will be able to trade AED to BTC & ETH . M2 will shortly be able to offer institutions and retail clients the ability to trade AED with leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).

AED Fiat On/Off-Ramp: Allow the on/off ramp of AED with ease through its partnership with a local bank.

While other crypto exchanges have received licenses from ADGM none of them have been allowed to cater to retail clients or have they partnered with a UAE Bank.

Designed with regulatory compliance and customers in mind, M2 adheres to strict regulatory requirements set by ADGM in relation to consumer protection, technology governance, custody and all its trade activities such as market surveillance, transparency, settlement, and transaction recording.

The ADGM has been recognized as being one of the most respected regulated jurisdictions of virtual assets globally.  Taking its first steps on the journey to becoming a global FinTech champion for Abu Dhabi, and in line with Abu Dhabi’s Economic Vision 2030, M2.com is live and the team is setting its sights on being a leader in innovation whilst always maintaining regulatory compliance.

Stefan Kimmel, M2, CEO, comments: “We take pride in being a Abu Dhabi headquartered platform, licensed by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This recognition underscores our commitment to our customers and to the FSRA’s notably high and sophisticated regulatory standards. We look forward to offering crypto investors in the UAE the opportunity to utilize our platform, including the ability to trade on/off-ramp AED and to trade market leading cryptocurrencies such as BTC and ETH by the end of the year.”

He added: “As positive sentiment returns to the crypto market, we want to offer crypto investors a trusted place to buy, sell and custody crypto assets. Regulation is our routine, and we will continue to demonstrate our commitment to compliance and regulatory excellence.”

Arvind Ramamurthy, Chief of Market Development at ADGM said: “We are delighted to welcome M2 to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable M2’s vision, ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and M2’s innovative solutions will add to our vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers.”

Notably M2 will be having its launch party today and will be featuring the Mayyas Dance show and superstar singer Guy Manoukian as they reimagine the future of digital assets.

The article was updated at 11:51 am GMT+2 removing ADCB bank reference.

Japanese Nomura owned crypto custodian, Komainu first to receive full VASP license by VARA in UAE

Japanese Nomura owned crypto custodian, Komainu first to receive full VASP license by VARA in UAE

Komainu, a regulated digital asset custody provider created by Japanese investment bank Nomura, digital asset manager CoinShares and digital asset security company Ledger. has been granted a full virtual assets service provider license by Dubai’s virtual asset regulatory authority in UAE. The license was issued on August 18th 2023.

Prior to that Komainu had received in July 2022 the MVP license from VARA.

Komainu will be able to serve qualified retail and institutional clients both as a crypto asset custodian and offer custodial staking services. 

“We see tremendous opportunities to scale our business here amid a significant boom in assets driven by fund formation and exchange launches,” said Sebastian Widmann, Komainu’s Head of Strategy. “Dubai has a vibrant digital asset ecosystem and impressive talent pool, and we are proud to contribute to the growth of this innovative financial hub. Our presence and desirable regulatory status in the region marks another differentiator for us as we execute the next phase of our business.”  

Prior to this VARA had issued the first VASP license to Laser Digital Middle East FZE, the crypto arm of Japanese Nomura Holdings. Laser Digital now has a full crypto license that will allow it to offer virtual asset broker dealer and investment management services in the UAE.

Nomura owned crypto entities now have two full licenses in Dubai UAE, while others such as BitOasis has lost their active MVP operational license and are in the midst of being acquired by other players.

The UAE has been attracting crypto entities over the past two years, and is poised to be one of the leading regulated crypto hubs in the world. 

Updated August 22nd 2023