Bahrain central bank licenses Sharia-compliant crypto exchange

CoinMENA, a soon-to-launch cryptocurrency trade headquartered within the Kingdom of Bahrain, has obtained a license from the Central Financial institution of Bahrain, or CBB.

The newly acquired “Crypto Property Providers Firm License” permits CoinMENA to function totally as a regulated crypto trade and onshore platform, the corporate announced on Jan. 24. The CBB’s license ensures that CoinMENA meets the entire operational, technical and safety necessities set by the central financial institution.

As CoinMENA plans to roll out its companies within the Center East and North Africa, or MENA, nations — together with Bahrain, United Arab Emirates, Saudi Arabia, Kuwait, and Oman — CoinMENA can be certified by the Shariyah Evaluation Bureau as a Sharia-compliant platform.

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On the launch, CoinMENA will assist 5 main cryptocurrencies together with Bitcoin (BTC), Ether (ETH), XRP, Litecoin (LTC) and Bitcoin Money (BCH). The trade will even function an over-the-counter, or OTC, platform for bigger transactions, offering clients with a devoted supervisor overseeing each OTC commerce.

Dina Sam’an, co-founder and managing director of CoinMENA, mentioned that the corporate goals to broaden to extra nations after its launch:

“As CoinMENA grows, we can be offering entry to extra digital belongings and increasing the jurisdictions we function in, with the view of turning into one of many main digital belongings exchanges on a world scale.”

CoinMENA has been working to launch its crypto buying and selling platform for greater than two years up to now. In late 2019, CoinMENA appointed the Shariyah Evaluation Bureau as an outsourcing facility to handle and supervise the Sharia certification and Sharia audit companies for its digital asset platform.