Beyond Licensing: CoinMENA Paves the Way for Financial Inclusion Across MENA
Following our licensing announcement last week, I'm here to reiterate why this milestone means so much for the future of crypto, not just for us, but for the entire MENA region.
Following our licensing announcement last week, I'm here to reiterate why this milestone means so much for the future of crypto, not just for us, but for the entire MENA region.
Becoming the first exchange to hold a crypto asset service provider license from the Central Bank of Bahrain and a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) isn't just a feather in our cap; it's a bold proclamation of our unwavering commitment to responsible innovation and user protection. We believe robust regulations are not an obstacle, but the very foundation upon which a thriving crypto ecosystem can be built.
This conviction starkly contrasts the hostility of places like the US, where crypto firms are fleeing an environment of regulatory uncertainty. Dozens of companies, including Coinbase, Gemini, and Circle are expanding offshore, and others like Bittrex who shut down their U.S. operations completely.
Meanwhile, the UAE and Bahrain are charting a different course. By embracing clear, forward-thinking regulations, they're attracting responsible businesses like CoinMENA and fostering an environment where trust and innovation can flourish. History has shown us time and again, that technological progress cannot be stopped. We either embrace it and become early adopters, or we lag behind and miss out on the majority of the potential upside!
This isn't just about CoinMENA's success; it's about shifting the center of the financial world away from the West towards more business-friendly countries in the Middle East. With secure platforms and clear rules of the road, individuals can confidently invest, transact, and contribute to the future of finance.
While we are happy with our two operating licenses, we aim to continue seeking licenses in every country in MENA, so we can provide our users with local banking services, providing frictionless access to digital assets. We're proud to be pioneers in a region embracing crypto's potential and building a more inclusive financial system where anyone with a smartphone can have access to premium financial services and investments.
