[Blockchain Today Reporter Ji-Hye Han] Prior to the launch of CoinMENA, a cryptocurrency exchange, in several countries including the UAE and Saudi Arabia, it secured a major license.
Coinmena, based in Bahrain, has obtained a license for a crypto asset services company from the Central Bank of Bahrain (CBB). Following this, Coinmena can legally operate cryptocurrency exchanges and platforms. Having a license from CBB means that you have met all of the operational, technical and security requirements set by the central bank.
In addition to Bahrain, Coinmena is known to have plans to enter the Middle East and North Africa, including the UAE, Saudi Arabia, Kuwait, and Oman. Coinmena was previously certified by the Shariyah Review Bureau as meeting the Sharia law.
Coinmena will support five major currencies, including Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash. In addition, the exchange will apply an over-the-counter platform to increase transactions. Under these platforms, consumers can supervise all OTC transactions with a professional manager.
Coinmena co-founder and managing director Dina Sam’an said, “When Coinmena grows, we will introduce other digital currencies in addition to the five major cryptocurrencies. “We have,” he said, saying that the goal is for companies to enter more countries.
Coinmena spent more than two years building a cryptocurrency trading platform. At the end of 2019, Coinmena appointed the Sharia Review Committee as a facility to outsource the management and supervision of Sharia certification.
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