Crypto asset service provider CoinMENA FZE has obtained a VASP license for virtual asset Broker-Dealer services from Dubai’s VARA.

Until now, CoinMENA has been catering to clients in the UAE from its headquarters in Bahrain.

Building strong relationships

CoinMENA will now operate from its Dubai Head Office, providing convenient money services to UAE users. 

“Thanks to the regulatory clarity from VARA, Dubai is becoming a global hub for crypto and digital asset financial services,” CoinMENA co-founders Dina Sam’an and Talal Tabbaa said in a statement.

“Building strong relationships with local regulators has been our priority since day one. We are delighted to have received a license from VARA, which further strengthens our market position and gives our users and investors confidence,” Sam’an added.

Per the Dec. 13 press release, collaborating with VARA will enable the virtual asset provider to serve institutional and retail users in the Emirate while minimizing fiat-to-crypto transaction costs.

A global crypto hub

In 2022, Dubai announced aspirations to establish itself as a global crypto hub and subsequently engaged in discussions with VARA regarding the regulatory framework for digital asset operators. 

Since then, various companies, including Binance, crypto.com, Hex Trust, and OKX, have obtained approval to establish regional operations and cater to customers.