Dubai Grants a VARA License to Bahraini Crypto Exchange CoinMENA!

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Dubai’s virtual assets regulator, VARA, has granted a license to Bahrain-based cryptocurrency exchange CoinMENA to operate and offer services in and from Dubai. The license allows CoinMENA to provide virtual asset broker-dealer services and deposit and withdraw in UAE dirhams, reducing foreign exchange factors. CoinMENA co-founders Dina Sam’an and Talal Tabbaa said the regulatory clarity provided by VARA has made Dubai an emerging global hub for crypto and digital asset financial services. CoinMENA already holds a license from the Central Bank of Bahrain. The move follows Dubai’s awarding of a conditional crypto license to a climate-friendly Web3 firm. Other active VASP licensees in Dubai include Fasset and Laser Digital.