The certified Sharia-compliant exchange said that it has now been awarded a Crypto Asset Services Company license (category 2) from the CBB after meeting a number of technical, and security requirements.
According to the announcement, the platform will become one of relatively few fully licensed and operating digital assets exchanges for retail and institutional investors in the Kingdom of Bahrain, the United Arab Emirates, Saudi Arabia, Kuwait and Oman.
Once launched, CoinMENA said that it will offer spot trading in five major cryptocurrencies: bitcoin (BTC), ether (ETH), XRP, litecoin (LTC) and bitcoin cash (BCH). It also plans an over-the-counter desk for larger trades.
CoinMENA’s managing director, Dina Sam’an stated:
“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 reported by Coindesk, a date for the planned launch was not provided.