Middle East Cryptocurrency Exchange Coinmena Enters Qatar Market, No Authorized Authorized by Regulators

Coinmena, a Bahrain-based cryptocurrency exchange, recently announced that Qatari residents can buy and sell cryptocurrencies on the platform. The cryptocurrency exchange claims to be the first regulated digital asset exchange to open its platform to Qatari residents.

Residents can now link their bank accounts to their cryptocurrency wallets.

Coinmena, a Bahrain-based cryptocurrency exchange, has become the first regulated digital asset exchange to offer services in Qatar. According to statement Coinmena’s entry into Qatar, announced by the exchange on May 19, means Qatari residents can now link their bank accounts to their cryptocurrency wallets. This allows you to “deposit and withdraw funds directly and securely”.

Coinmena co-founders Dina Sam’an and Talal Tabbaa said in a joint statement after the exchange’s recent entry into another Middle East and North Africa (MENA) market:

We are delighted to be the first cryptocurrency exchange to offer services in Qatar. Investors have been asking about our country-wide plans for some time, so this news represents a major milestone in our long-term geographic market expansion plans.

Meanwhile, Sam’an revealed that Coinmena plans to become “the region’s preferred crypto financial services company,” and is therefore constantly looking for ways to onboard more countries.

Coinmena’s entry into Qatar came just a few months after it was reported that a Middle Eastern country was considering the possibility of issuing a digital currency. However, according to one report, whether or not to issue a digital currency will only be determined after the central bank completes research.

Meanwhile, in an unequivocal response to Coinmena’s announcement, the Qatar Central Bank (QCB) reportedly issued a statement warning residents not to trade “unauthorized financial institutions and service providers.”

From the Arabic warning translation of QCB Publishing The central bank reiterated by The Peninsula that “no financial institution has ever been authorized to provide exchange, remittance, trading and trading services for virtual currency”. In a warning issued also on May 19, QCB said it would take legal action against any enterprise that provides virtual asset services without a license issued by a central bank.

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Terrence Jimwara

Terence Zimwara is an award-winning Zimbabwean journalist, author and author. He has written extensively on the economic problems of some African countries and how digital currencies can provide Africans with an escape route.

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