The Sharia-Compliant exchange, that have been certified through Shariyah Review Bureau.
The Central Bank of Bahrain has provided a new digital assets exchange, CoinMena to secure licence for running its operation.
The firm stated within a statement, The Category 2 Crypto Asset Services Company Licence referred to as CoinMena will become one of the few fully licensed and functioning digital asset exchanges within globally.
Dina Sam’an, co-founder and managing director of CoinMena stated that: “Obtaining the licence from the Central Bank of Bahrain allows us to operate under one of the most robust and globally-renowned digital assets regulatory frameworks where governance, security, and customer protection are central to all our operations.”
There will be a provision for offering a deposit, trade as well as extraction of digitalized assets within a clients’ native currencies as well as launching will provide trading within five core cryptocurrencies- The Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) as well as Bitcoin Cash (BCH).
This will be exclusively unlocking the clients within Bahrain, Kuwait, Oman, Saudi Arabia as well as the UAE.
The firm stated that this will also offer over-the-counter services for the clients in overseeing for booming out larger transactions.
The firm also stated that having been certified through the Shariah Review Bureau, the exchange will be a Sharia-compliant.
“As CoinMENA expands, we will be providing admittance to supplementary digital assets and mounting the jurisdictions we activate in, with the view of fetching one of the foremost digital assets exchanges on a global scale.”
The previous week, Rain, alternative digital assets exchange structured by the Central Bank of Bahrain, elevated up $6 million from a group of investors counting venture capitalist Middle East Venture Partners and one of the global major crypto exchanges, US-based Coinbase.
The Central Bank of Bahrain flung rules leading the provision of crypto asset services in the kingdom in 2019. Abu Dhabi Global Market’s Financial Services Regulatory Expert gave in-principal support to a numerous of crypto asset relations in 2019, including BitOasis, Digital Assets Exchange, Matrix Exchange and MidChains, among others.
Earlier this month, the Dubai Financial Services Authority stated it is in the procedure of illustration up a framework for variable digital assets. Other investors in Rain’s funding round encompassed Vision Ventures, CMT Digital Ventures, Jameel Investment Management Company, and the Dubai International Financial Centre’s FinTech Fund.