Bahrain Issues First Shariah-Compliant Crypto Exchange License to CoinMENA

CoinMENA, a Bahrain-based soon-to-launch cryptocurrency exchange, announced that it has acquired a crypto assets services company license from the Central Bank of Bahrain to help regional investors access Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. The exchange is certified by the Shariyah Review Bureau.

According to the official announcement, CoinMENA met all the technical, operational and security requirements outlined by the Central Bank of Bahrain. The firm is planning to offer services in 5 major crypto assets at the start including Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin.

CoinMENA will serve retail and institutional clients along with an OTC Desk for large transactions and a dedicated relationship manager. The exchange will provide services to the residents of the Kingdom of Bahrain, United Arab Emirates, 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. 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,” Dina Sam’an, Co-founder and Managing Director of CoinMENA, said in the official press release.

The Middle East and Crypto

The cryptocurrency firms around the world are targeting the Middle East for global expansion. Finance Magnates earlier reported about an announcement by Ripple to open its regional headquarters in Dubai. The central banks in the region are working closely on joint projects related to central bank digital currencies. The recent issuance of a license by the Kingdom of Bahrain shows that the regulatory authorities are planning to remove uncertainties regarding the regulatory status of crypto assets in the region.

“Getting certified as Sharia-compliant is another milestone in CoinMENA’s dedication to client excellence and becoming the leading Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term and digital assets company in the MENA region,” Sam’an said.