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December 22, 2023 by Lipika Deka
CoinMENA’s recent acquisition of a Virtual Assets Regulatory Authority [VARA] license has sparked enthusiasm among Shiba Inu supporters, with one enthusiast expressing excitement about SHIB being listed on the platform. The VARA license adds a layer of trust and security for the Shiba army in the MENA region, providing a safe space to engage in Shiba Inu transactions within the vibrant crypto hub of Dubai.
The Bahrain-based digital currency exchange underwent a meticulous evaluation by VARA, resulting in the issuance of a virtual asset service provider [VASP] license. This authorization empowers CoinMENA to provide full-fledged broker-dealer services to residents in Dubai.
The upgraded license now enables CoinMENA to offer Dubai’s retail and institutional customers the convenience of deposits and withdrawals in UAE dirhams without the typical constraints associated with foreign exchanges. According to Dina Sam’an, co-founder of CoinMENA, the journey toward obtaining this license began in 2022, emphasizing the importance of their positive relationship with regulators in achieving this milestone.
CoinMENA already holds a category-3 digital currency service provider license from Bahrain’s central bank, allowing it to operate within the countries of the Gulf Cooperation Council. Building strong relationships with local regulators has been a cornerstone of the company’s strategy from the outset, contributing to its market position and instilling confidence in users and investors.
CoinMENA now stands among the select VASPs with broker-dealer licenses from VARA, joining the ranks of Laser Digital and Fasset. In a competitive landscape, CoinMENA aims to distinguish itself through the introduction of innovative offerings.
50M Shiba Inu Giveaway
While no official announcement was made regarding the Shiba Inu listing, a teaser in May hinted at the possibility. Subsequently, CoinMENA unveiled a giveaway campaign featuring 50 million Shiba Inu tokens, reinforcing its commitment to the crypto community. The campaign, shared on Twitter, promised two lucky winners 25 million SHIB each.
Although the price of SHIB showed minimal response to the announcement, the team had recently disclosed plans to initiate the creation of a top-level domain [TLD] in collaboration with D3 Global, a digital infrastructure provider. Together, they aim to introduce a distinctive domain extension, similar to familiar ones such as ‘.com,’ ‘.org,’ or ‘.xyz,’ commonly referred to as TLDs.
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