Cryptocurrency trading platform CoinMENA, which promises to comply with Sharia law, has received a preliminary license from the Dubai regulator to operate in the United Arab Emirates.
The Bahrain-based crypto exchange has announced that it has received provisional approval to provide crypto services from the Dubai Virtual Assets Regulatory Authority (VARA). The provisional license allows CoinMENA to operate in Dubai until a permanent permit is obtained. The co-founders of the site Talal Tabbaa and Dina Sam’an said that the temporary registration will allow the cryptocurrency company to expand its activities in the UAE:
“As a result of the temporary license issued to CoinMENA by the authorities, we will be able to expand our operations 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, 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 Islamic expert published an article in which he claims that bitcoin and blockchain technology are in line with Sharia ideas.
Cryptocurrency exchange CoinMENA received a license from the Central Bank of Bahrain in 2021. The platform has passed a 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.
Source: Bits
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