Crypto Exchange in the Middle East Coinmena enters the Qatari market, although no institution is licenced, according to the regulator
A Bahrain-based cryptocurrency exchange firm, Coinmena, recently entered the Qatari market. Now residents of Qatar can purchase, sell and trade various digital assets on the Coinmena platform. According to Coinmena’s claim, it is the first cryptocurrency exchange platform in Qatar which is regulated.
Qatar residents get access to crypto trade
As per statements issued on May 19, Coinmena’s arrival in Qatar means that residents can now trade cryptocurrencies. These currencies include
- Ethereum and more.
The residents can directly connect their bank accounts to their crypto e-wallets.
Co-founders of Coinmena, Talal Tabbaa and Dina Saman hope to expand further into the Arab territory. Their entry into the Qatar market is a good start for the acceptance of digital coins. Saman went ahead to claim that Coinmena hopes to turn into Qatar’s preferred crypto exchange platform.
QCB responds to Coinmena’s arrival in the market
After the announcement of Coinmena’s arrival into Qatar, Qatar Central Bank (QBC) issued a public warning. The bank sent out some general guidelines to avoid getting fooled by unlicensed service providers and financial institutions.
On top of issuing the warning, QBC emphasized that no license has been provided to any crypto company. This also applies to the digital asset firm Coinmena. The bank also warned of strict actions against any financial institutes that trade in cryptocurrencies without a legitimate license.
For any financial institute to operate within the market of Qatar, a license is required. This license must be issued by the Qatar Central Bank.