Sharia-compliant exchange, CoinMENA prepares for launch with Bahrain license

TL;DR Breakdown:

• A Sharia-compliant exchange CoinMENA has received a license from Bahrain central bank for launch.
• The exchange will serve both institutions and retail investors in MENA.

A new digital currency exchange, CoinMENA, is set for launch in Bahrain after receiving a virtual asset license from the country’s central bank. The soon-to-launch exchange aims to provide new and seasoned investors in the Middle East and North Africa (MENA) the option to easily participate in the digital currency economy as they purchase and sell popularly-traded cryptocurrencies on the exchange. Besides, the exchange is flagged as a Sharia-compliant platform.

CoinMENA prepares for expansion in MENA

According to the information on the 24th of January, the Central Bank of Bahrain (CBB) awarded CoinMENA a “Crypto Asset Services Company License – Category 2” to run crypto services in the country. The certification means the exchange met the technical, operational, and security standards required by the Bahrain authority. Additionally, the exchange will debut as a Sharia-compliant platform for both institutional and retail investors, as reviewed by the Shariyah Review Bureau.

CoinMENA noted that only five cryptocurrencies would be supported at the time of launch. These include Bitcoin, Ether, Litecoin, Ripple, and Bitcoin Cash. It’s services will also include an over-the-counter (OTC) desk for large crypto transactions. CoinMENA’s will be available to investors in Bahrain, Saudi Arabia, United Arab Emirates (UAE), Oman, and Kuwait, upon launch. However, the services will be expanded to include other countries in MENA.

Sharia-compliant exchanges

“As CoinMENA grows, we will be providing access to additional digital assets and expanding the jurisdictions we operate in, with the view of becoming one of the leading digital assets exchanges on a global scale,” said Dina Sam’an, the co-founder of the exchange.
Many Sharia-compliant exchanges have been launched lately, some of which also targeted countries in the Middle East. Cryptopolitan reported another Switzerland-based exchange that acquired a regulatory license to expand its operating in the Middle East with a Sharia Compliance Certificate.