Middle East Crypto Exchange Coinmena announced this week that it had obtained a license to operate crypto assets services companies from the Central Bank of Bahrain (CBB) ahead of its scheduled launch.
Upon receiving the license, the exchange, which was certified by the Shariyah Review Bureau, stated that it had met several technical, operational and safety requirements of the CBB.
Coinmena added that the license will enable it to operate as a regulated and onshore platform and will become one of the few fully licensed and operated crypto exchanges in the Middle East and North Africa (Mena).
At launch, Coinmena plans to offer spot trading in five major crypto assets – Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin cash (BCH) and litecoin (LTC) for both private and institutional investors. There will also be an over-the-counter (OTC) counter for larger transactions.
The exchange did not announce a date for the planned start. The services will be available to investors in Bahrain, the United Arab Emirates, Saudi Arabia, Kuwait and Oman, it said on Jan. 24 Explanation.
Dina Sam’an, Co-Founder and CEO of Coinmena, in detail:
Obtaining the license from the Central Bank of Bahrain allows us to operate under one of the most robust and globally recognized legal frameworks for digital assets, where governance, security and customer protection are central to all of our activities.
Compliance with Sharia law is a key customer need and a regulatory requirement in most Muslim markets. With regard to Bitcoin, the technology was viewed as “haram” – meaning that it is banned under Sharia law, as cryptocurrencies can be used for illegal activities such as money laundering and fraud. according to to some experts.
There are also concerns about a lack of central authority and how this cryptocurrency is robbing governments and central banks of their power over national monetary systems.
What do you think of Coinmena’s licensing by the Central Bank of Bahrain? Let us know in the comments below.
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