CoinMENA, a soon-to-launch cryptocurrency change headquartered within the Kingdom of Bahrain, has obtained a license from the Central Financial institution of Bahrain, or CBB.
The newly acquired “Crypto Property Providers Firm License” permits CoinMENA to function totally as a regulated crypto change and onshore platform, the corporate introduced on Jan. 24. The CBB’s license ensures that CoinMENA meets the entire operational, technical and safety necessities set by the central financial institution.
As CoinMENA plans to roll out its companies within the Center East and North Africa, or MENA, international locations — together with Bahrain, United Arab Emirates, Saudi Arabia, Kuwait, and Oman — CoinMENA can be licensed by the Shariyah Overview Bureau as a Sharia-compliant platform.
On the launch, CoinMENA will assist 5 main cryptocurrencies together with Bitcoin (BTC), Ether (ETH), XRP, Litecoin (LTC) and Bitcoin Money (BCH). The change will even characteristic an over-the-counter, or OTC, platform for bigger transactions, offering prospects with a devoted supervisor overseeing each OTC commerce.
Dina Sam’an, co-founder and managing director of CoinMENA, mentioned that the corporate goals to broaden to extra international locations after its launch:
“As CoinMENA grows, we might be offering entry to further digital property and increasing the jurisdictions we function in, with the view of turning into one of many main digital property exchanges on a worldwide scale.”
CoinMENA has been working to launch its crypto buying and selling platform for greater than two years to date. In late 2019, CoinMENA appointed the Shariyah Overview Bureau as an outsourcing facility to handle and supervise the Sharia certification and Sharia audit companies for its digital asset platform.