Coinmena, a Middle East cryptocurrency exchange, has entered the Qatari market, but the regulator says no institutions have been licensed
Residents Can Now Link Their Crypto Wallets to Their Bank Accounts
Coinmena, a cryptocurrency exchange based in Bahrain, has become the first regulated digital asset exchange to operate in Qatar. Coinmena's entry into Qatar, according to a statement made by the exchange on May 19, implies that Qataris can now link their bank accounts to their crypto wallets. This allows them to "immediately deposit and withdraw monies in a secure manner."
Coinmena's co-founders, Dina Sam'an and Talal Tabbaa, said in a joint statement following the exchange's newest debut into another Middle East and North Africa (MENA) market:
"We are ecstatic to be the first cryptocurrency exchange in Qatar to offer our services. For a long time, investors have been inquiring about our ambitions to enter the country, so this news is a significant step forward in our long-term geographic market expansion objectives."
Meanwhile, Sam'an stated that Coinmena aspires to be the "region's favorite crypto financial services company" and is always seeking new countries to join.
Coinmena's debut into Qatar comes just months after it was claimed that the Middle Eastern government was considering launching a digital currency. According to one story, the central bank will decide whether or not to launch a digital currency when it completes its research.
Meanwhile, the Qatar Central Bank (QCB) is said to have published a statement in response to Coinmena's announcement, warning people against interacting with "unlicensed financial institutions and service providers."
The QCB emphasized that "no financial institution has been licensed to provide services of exchange, transfer, trading, and dealing on virtual currencies," according to a translation of the central bank's Arabic language warning published by The Peninsula. The QCB also issued a warning on May 19, stating that any firm providing virtual asset services without a license from the central bank will face legal action.
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