Sharia-compliant crypto exchange licenses by Bahrain central bank

Jan 25, 2021 14:25 UTC

| Updated:

Jan 25, 2021 at 14:26 UTC

By Clark

Bahrain founded crypto exchange CoinMENA attained a main license ahead of its introduction in numerous countries containing the Saudi Arabia & UAE. CoinMENA, a quickly to introduced cryptocurrency exchange headquartered in the Kingdom of Bahrain, has gotten a license from the Central Bank of Bahrain, (CBB).

The freshly assimilated ‘Crypto Assets Services Company License’ permits CoinMENA to function fully as a regulated crypto exchange & onshore stage, the company proclaimed on January 24. The CBB’s license safeguards that CoinMENA encounters all of the operational, technical & security supplies usual by the central bank.

As CoinMENA ideas to reel out its services in the North Africa & Middle East, or MENA, countries — with Bahrain, Saudi Arabia, Oman, United Arab Emirates,  Kuwait,  — CoinMENA is also certified by the Shariyah Appraisal Bureau as a Sharia compliant stage.

At the presentation, CoinMENA will provision 5 main cryptocurrencies with BTC, ETH, XRP, LTC & BCH. The exchange will also piece an ended the counter, or OTC, stage for larger transactions, if customers with a dedicated manager supervision every OTC trade.

Co-founder & managing director of CoinMENA Dina Sam’an, held that the company goals to inflate to more countries afterward its launch:

‘As CoinMENA produces, we will be providing admission to additional digital assets & increasing the jurisdictions we operate in, with the opinion of becoming one of the leading digital assets exchanges on a worldwide scale’

CoinMENA has been employed to presentation its crypto trading stage for more than 2 years so far. In late 2019, CoinMENA employed the Shariyah Review Bureau as an outsourcing facility to manage & supervise the Sharia certification & Sharia audit services for its digital asset stage.

Clark

Head of the technology.