CoinMENA cryptocurrency exchange received a license from the Central Bank of Bahrain ahead of its launch. The platform has been certified for compliance with Sharia law.
The obtained license allows to provide cryptocurrency services in the Kingdom of Bahrain, United Arab Emirates (UAE), Saudi Arabia, Kuwait and Oman. The marketplace is targeted at retail traders and will operate in accordance with Sharia law. This will open up additional opportunities for Islamic investors and expand the participation of the Islamic financial sector in the cryptocurrency market.
CoinMENA Managing Director Dina Sam’an said that spot trading in the five main cryptocurrencies will initially be available on the exchange: BTC, ETH, XRP, LTC and BCH.
“Obtaining a license from the Central Bank of Bahrain means meeting technical and security requirements. This allows us to operate in accordance with the requirements of the regulatory authorities in the Middle East. Customer safety is our top priority, ”said Dina Sam’an.
Six months ago, the Malaysian Securities Commission’s Sharia Law Advisory Board ruled that digital currency trading does not violate these laws and can be allowed. Earlier, an expert on Islam published an article in which he claims that Bitcoin and blockchain technology are in accordance with the ideas of Sharia.
Recall that in 2019, the Algorand platform was also certified for compliance with the provisions of Sharia.
Telegram channel!
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.