Central Bank of Bahrain licences Sharia-compliant cryptocurrency exchange CoinMENA

The Central Bank of Bahrain (CBB) has issued the soon-to-launch cryptocurrency exchange, CoinMENA, with a “Crypto Asset Services Company License – Category 2”, paving the way for it to begin operations within the country.

The Bahrain-headquartered digital asset exchange received the licence after reportedly meeting all of the operational, technical, and security requirements outlined by the CBB.

CoinMENA is Sharia-compliant exchange, certified by the Shariyah Review Bureau.

It facilitates deposit, trade, and withdrawal of digital assets in the users’ local currency.

Aimed at both retail and institutional investors, CoinMENA will offer, upon launch, five major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH).

It will also provide an “OTC Desk”, facilitating sizable transactions, along with a dedicated relationship manager who will see every trade through to execution.

At launch, CoinMENA’s platform and services will be available to residents of Bahrain, the UAE, Saudi Arabia, Kuwait and Oman.

“Obtaining the license from the Central Bank of Bahrain allows us to operate under one of the most robust and globally-renowned digital assets regulatory frameworks where governance, security, and customer protection are central to all our operations,” said CoinMENA’s founder Dina Sam’an.

“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.”