First Sharia-compliant Crypto Exchange Approved By Bahrain Central Bank

CoinMENA is going to be launched soon, as the Bahrain-based crypto exchange has been given operational license by Bahrain Central Bank.

The exchange has also been certified by the Sharia Review Bureau, making it the first sharia-compliant cryptocurrency exchange to launch in Bahrain.

The official announcement revealed that CoinMENA has met all the security, operational, and technical requirements to operate as a crypto exchange in the country.

When it goes live, the crypto exchange hopes to provide services in 5 major crypto assets, including Ethereum, Bitcoin, Litecoin, Bitcoin Cash, and Ripple. However, CoinMENA hopes to add more other options in the future.

The crypto exchange will offer its services to both institutional and retail clients. For larger transactions, it will be providing an OTC Desk to facilitate a faster transaction.

Crypto service also offered to neighboring countries

Apart from residents in Bahrain, other people from other regions will also be able to access its services, according to the exchange.

The exchange hopes to offer its services to residents of Oman, Kuwait, Saudi Arabia, and the United Arab Emirates.

CoinMENA aims to become the world’s leading crypto exchange

Dina Sam’an, the managing direction, and co-founder of CoinMENA, told the press that the license is an integral step for the company’s ambition in the Bahrain market. According to the co-founder, the license will allow the company to operate in an environment that puts customer protection, security, and governance in high priority.

He further stated that CoinMENA will continue expanding its operational jurisdictions and providing additional digital assets as it keeps expanding.

The goal, according to Sa’man, is to become one of the leading cryptocurrency exchanges in the world, but it has to begin by conquering the regional market.

The “Crypto Assets Services Company License” enables the company to carry out its business as a completely regulated digital asset exchange platform.

Scamble for Middle East’s market

The Middle East is seen as an attractive market for cryptocurrency, as the region continues its economic expansion.

Some central banks in the region have already started partnering with organizations to launch central bank digital currency (CBDC). With the latest license approval for the CoinMENA exchange, it shows the government is now more open to crypto investment than before.