Middle East Crypto Exchange Coinmena Enters the Qatari Market, Regulator Says No Institution Licenced

Middle East Crypto Exchange Coinmena Enters the Qatari Market

Coinmena, the Bahrain-based cryptocurrency alternate, not too long ago introduced that residents of Qatar can now purchase and promote cryptocurrencies on its platform. The cryptocurrency alternate claimed it’s the first regulated digital asset alternate to open its platform to Qatari residents.

Residents Can Now Connect Bank Accounts to Their Crypto Wallets

The Bahrain headquartered cryptocurrency alternate, Coinmena, has turn into the primary regulated digital asset alternate to supply its companies in Qatar. According to a statement launched by the alternate on May 19, Coinmena’s foray into Qatar means the nation’s residents can now join their financial institution accounts to their crypto wallets. This permits them to “deposit and withdraw funds immediately and safely.”

In a joint assertion following the alternate’s newest foray into one other Middle East and North Africa (MENA) market, Coinmena’s co-founders, Dina Sam’an and Talal Tabbaa stated:

We are delighted to turn into the primary crypto alternate to supply our companies in Qatar. Investors have been asking about our plans to enter the nation for a while now, so this information represents a significant milestone on our long-term geographic market enlargement plans.

Sam’an, in the meantime, revealed that Coinmena intends to turn into the “area’s most popular crypto monetary companies firm” and is, due to this fact, continually trying to onboard extra nations.

Coinmena’s entry into Qatar comes just some months after it was reported that the Middle East nation was analyzing the potential for issuing a digital forex. However, in accordance with one report, the choice to challenge a digital forex or not will solely be made as soon as the central financial institution completes its examine.

Meanwhile, in an obvious response to Coinmena’s announcement, the Qatar Central Bank (QCB) is reported to have issued a press release warning residents in opposition to coping with “unlicensed monetary establishments and repair suppliers.”

In a translation of the QCB’s Arabic language warning published by The Peninsula, the central financial institution reiterated that “no monetary establishment has been licenced to supply companies of alternate, switch, buying and selling and dealing on digital currencies.” In a warning that was additionally issued on May 19, the QCB stated it would take authorized motion in opposition to any entity that gives digital asset companies and not using a licence issued by the central financial institution.

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