CoinMena, the Sharia-compliant crypto assets trading platform, has secured a provisional virtual assets licence to operate in Dubai.

The digital assets exchange company, which is licensed and regulated by the Central Bank of Bahrain, has obtained the provisional licence from Dubai’s Virtual Assets Regulatory Authority (Vara).

The move will allow CoinMena to continue its operations in Dubai while it undertakes the in-depth process of applying for a licence, in accordance with official requirements, the company said in a statement on Thursday.

“We are pleased to welcome CoinMena to the growing virtual asset ecosystem in Dubai. Vara is committed to supporting leading regional enterprises dedicated to building strong foundations for this future economy,” said Helal Almarri, director general of the Dubai World Trade Centre Authority, which houses Vara.

“We appreciate the knowledge and experience that CoinMena brings as a platform focused on the Mena [Middle East and North Africa] region and look forward to their active participation as Vara builds a best-in-class virtual assets regulatory environment in the UAE, for the world.”

Vara serves as the single custodial entity mandated to licence and govern the burgeoning cryptocurrency sector in Dubai, including all mainland and free zones, excluding the autonomous Financial Free Zone at the Dubai International Financial Centre.