Digital Assets: Central Bank Of Bahrain Licenses Shariah Compliant Crypto Exchange CoinMENA
CoinMENA, the crypto exchange for the Middle East, is based in Bahrain.
Investors in select Gulf countries, looking to invest in the burgeoning world of cryptocurrencies, may soon get that opportunity. CoinMENA, a digital assets exchange certified as Shariah-compliant by the Shariyah Review Board, announced Sunday that it had received the all-important license to operate from Bahrain’s central bank. (ZAWYA)
CoinMENA now has a license to operate
CoinMENA said the Central Bank of Bahrain had awarded it a “Crypto Asset Services Company License – Category 2.”
The green light came after the soon-to-be-launched exchange complied with all the operational, technical, and security requirements in this respect.
As a fully licensed and regulated onshore platform, CoinMENA will allow investors to safely and securely deposit, trade, and withdraw digital currencies using their local currency. Investors will also appreciate the added comfort of the exchange being Shariah-compliant.
CoinMENA offers highly competitive fees for digital asset transactions, it said in a statement. This is possible because of its “strong relationships” with regional banking institutions,
The exchange will serve both retail and institutional clients in the countries of Saudi Arabia, Kuwait, Oman, the Kingdom of Bahrain, and the United Arab Emirates.
On launch, CoinMENA will offer trading in the Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH) cryptocurrencies.
For large-sized transactions, the exchange will offer the services of an “OTC Desk.” A dedicated relationship manager would also be available for trade execution.
Renowned regulatory framework
“Obtaining the license from the Central Bank of Bahrain allows us to operate under one of the most robust and globally-renowned digital assets regulatory frameworks where governance, security, and customer protection are central to all our operations,” said CoinMENA’s Co-Founder and Managing Director, Dina Sam’an.
“As CoinMENA grows, we will be providing access to additional digital assets and expanding the jurisdictions we operate in, with the view of becoming one of the leading digital assets exchanges on a global scale,” she added.
Image Credit: Wikimedia Commons
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