The Central Bank of Bahrain (CBB) has issued the soon-to-launch cryptocurrency exchange, CoinMENA, with a “Crypto Asset Services Company License – Category 2”, paving the way for it to begin operations within the country. The Bahrain-headquartered digital asset exchange received the license after reportedly meeting all of the operational, technical, and security requirements outlined by the CBB.

CoinMENA is a Sharia-compliant exchange, certified by the Shariyah Review Bureau. It facilitates the deposit, trade, and withdrawal of digital assets in the users’ local currency. Aimed at both retail and institutional investors, CoinMENA will offer, upon launch, five major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH).

It will also provide an “OTC Desk”, facilitating sizable transactions, along with a dedicated relationship manager who will see every trade through to execution. At launch, CoinMENA’s platform and services will be available to residents of Bahrain, the UAE, Saudi Arabia, Kuwait, and Oman.

Source Credit: Gulf Business