CoinMENA Receives Provisional License from VARA

CoinMENA, the Sharia-compliant digital asset exchange company licensed and regulated by the Central Bank of Bahrain, has obtained a provisional virtual assets license from Dubai’s Virtual Assets Regulatory Authority (VARA) to continue its business operations in Dubai while it undertakes the in-depth process of applying for a license, in accordance with VARA requirements.

Helal Saeed Almarri, Director General of the Dubai World Trade Centre Authority, that houses
VARA said, “We are pleased to welcome CoinMENA to the growing virtual asset ecosystem in
Dubai. VARA is committed to supporting leading regional enterprises dedicated to building
strong foundations for this future economy. We appreciate the knowledge and experience that
CoinMENA brings as a platform focused on the MENA region and look forward to their active
participation as VARA builds a best-in-class virtual assets regulatory environment in the UAE,
for the world".

CoinMENA has successfully secured two digital assets licenses within its first year of
operations, first from the Central Bank of Bahrain (CBB) and the second in the European Union.
The provisional license from VARA would be the third license and will enable CoinMENA to offer
its products and services to institutional investors.

Commenting in a joint statement, CoinMENA Co-Founders Talal Tabbaa and Dina Sam’an said:
“VARA has developed a progressive framework within which businesses can work innovatively
and securely. As a result of the provisional license issued to CoinMENA by the authority, we will
be able to expand our activities and further strengthen our banking relationships within the
UAE. We are excited about what this means for the region and CoinMENA. Thanks to the regulatory
clarity provided by VARA, all of the leading crypto companies in the world are either already in
Dubai or are planning to move there”.