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Promising to comply with Sharia law, cryptocurrency trading platform CoinMENA has received a provisional license from the Dubai regulator to operate in the United Arab Emirates.
Crypto exchange headquartered in Bahrainannounced that it has received temporary approval for the provision of cryptocurrency services from the Dubai Virtual Assets Regulatory Authority (VARA). The provisional license allows CoinMENA to operate in Dubai until permanent approval is obtained. The co-founders of the site, Talal Tabbaa and Dina Sam’an, said that temporary registration will allow the cryptocurrency company to expand its activities in the UAE:
“As a result of the temporary license issuedCoinMENA authorities, we will be able to expand our activities and further strengthen our banking relationships in the UAE. Prior to receiving this license, CoinMENA received two others, one from the Central Bank of Bahrain (CBB) and the other from the European Union.”
Six months ago Legal Advisory CouncilThe Malaysian Securities Commission has ruled that trading in digital currencies does not violate these laws and can be permitted. Previously, an expert on Islam published an article in which he argued that Bitcoin and blockchain technology are consistent with the ideas of Sharia.
</p>Cryptocurrency exchange CoinMENAreceived a license from the Central Bank of Bahrain in 2021. The platform has undergone special certification for compliance with Sharia law. This should open up additional opportunities for Islamic investors and expand the participation of the Islamic financial sector in the cryptocurrency market.
