First Sharia-compliant Crypto Exchange Approved By Bahrain Central Bank
Bahrain-based crypto exchange – CoinMENA, got an operational license from the country’s central bank ahead of its launch in countries like Saudi Arabia, UAE and host of others. CoinMENA was also certified by the Sharia Review Bureau, making it, the first of its kind (first sharia-compliant cryptocurrency exchange), to be launched in Bahrain.
This recent development enables CoinMENA to operate fully as a regulated crypto exchange having met all the technical, security and operational requirements set by the central bank of Bahrain.
According to the spokesperson at CoinMENA, the company will roll out its operations in the Middle East and North Africa for the first pilot test. Customers who resident in those regions would be allowed to trade on CoinMENA, if they satisfy our diligence procedures. He said CoinMENA, will not disclose the commencement date yet, as one or two things need to be tidied-up.
CoinMENA will start with five major cryptocurrencies namely Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP and Bitcoin Cash (BCH) after the launch. More cryptocurrencies will be added as the operations progress. CoinMENA will support several fiat currencies including the Bahraini dinar, the Emirati dirham, the Saudi riyal, the Omani rial, the Kuwaiti dinar and the United States dollar. CoinMENA will render services for both retail and institutional clients. Larger transactions will be done over-the-counter platform.
Dina Sam’an, the co-founder and MD of CoinMENA, said:
“As CoinMENA grows, more additions would be made in the area of digital assets and more operational expansion would take place. The company has a target of becoming the leading digital assets exchange in the world, just few years from now”.
Most central banks in the gulf region are in serious negotiations with both local and foreign partners to launch central bank digital currency (CBDC). CoinMENA’s license approval has shown government commitment in creating an enabling environment for cryptocurrency investments to thrive in Bahrain.
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