UAE CoinMENA licensed crypto exchange will be able to reduce fiat to crypto transaction costs after being awarded its license from VARA, the Dubai virtual asset regulatory authority. CoinMENA holds a broker license allowing it to cater to retail and institutional clients.
With the license CoinMENA now has, it can serve clients from Dubai and utilize local banking services. Users can now instantly deposit and withdraw funds.
As Talal Tabbaa CO Founder of CoinMENA explained, “Dubai is at the forefront of crypto growth and innovation, launching various initiatives to push the adoption of the digital asset in the region. Working with VARA will enable us to better serve our institutional and retail users in the Emirate as well as reduce fiat to crypto transaction costs.”
Dina Sam’an Co Founder and Chief Operation Officer added, “Building strong relationships with local regulators has been a priority for us since day one. We are delighted to have received a license from VARA, which further strengthens our market position and gives confidence to our users and investors.”
CoinMENA is the fifth crypto broker to receive a license from VARA. CoinMENA and others have received licenses both broker and exchange before Binance and other international players such as Crypto.com and OKx have.
CoinMENA already holds a license in Bahrain.
This comes two weeks after M2 launched in Abu Dhabi with full crypto exchange services. Dubai and Abu Dhabi are proving to be the center of regulation casting doubt on the regulatory environment in other countries such as the USA.
