Digital assets and crypto-related services have evolved over the years, and this has seen many investors across the globe show interest in the budding assets. When Bitcoin was first launched in 2009, only a fraction of digital asset exchanges were present then, but we have witnessed the increase of crypto exchanges over the years.
This shows that even though some people are still opposed to crypto and what it stands for, there are still others who are willing to adopt the digital asset. A recent publication made by a soon-to-be crypto exchange from Bahrain said it had acquired the rights to function as a crypto exchange across the country.
The central bank of Bahrain granted the license
In the full statement obtained by various news outlets in the country, CoinMENA, the crypto exchange in question, announced that it has already finalized plans and has obtained the needed license.
With the license, CoinMENA would set up shop and operate across the country as a bridge between investors and the digital assets that they want to invest in. In the statement, the crypto exchange mentioned that the Shariyah Review Bureau also sanctioned the license that they got. This body licenses investments as such across the country.
The announcement also mentioned that CoinMENA was qualified in all aspects when it underwent the tests. That was why the Central bank of Bahrain awarded it the license. To kickstart its services, CinMENA has announced that it will roll out support for coins such as Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin to begin its crypto provision service.
The crypto exchange also mentioned that it would avail its services to both retail and institutional clients while opening an OTC desk center in the country. The company noted that it would have a versatile and dedicated member of its staff who is well-read in crypto to be the manager on that front.
Crypto exchanges are now moving to the middle east
Asides from the provision of services in Bahrain, citizens from countries such as UAE, Saudi Arabia, Oman, and Kuwait will be allowed to patronize and enjoy the services they offer. In their statement, CoinMENA mentioned that obtaining the license was a milestone achievement for them. The firm mentioned that the new license would begin operations that would provide their clients with the best services under the clear regulatory framework.
The crypto exchange also mentioned that they are hoping to make their customers the first of their priority as they have nothing to worry about concerning working with them. CoinMENA also noted that as the days progress, they would be open to avail their users more opportunities to dabble in digital assets other than the ones they are starting with.
Crypto firms and related services are now moving to the east, with most of them seeing the region as a gold mine that is left untapped. Asides from the CoinMENA setting up shop in the region, Ripple announced some months ago that it might move its headquarters to the Arab region in the coming months.