{"id":12465,"date":"2022-05-23T06:43:10","date_gmt":"2022-05-23T06:43:10","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/middle-east-crypto-exchange-coinmena-enters-the-qatari-market-regulator-says-no-institution-licenced-featured-bitcoin-news\/"},"modified":"2022-05-23T06:43:10","modified_gmt":"2022-05-23T06:43:10","slug":"middle-east-crypto-exchange-coinmena-enters-the-qatari-market-regulator-says-no-institution-licenced-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/middle-east-crypto-exchange-coinmena-enters-the-qatari-market-regulator-says-no-institution-licenced-featured-bitcoin-news\/","title":{"rendered":"Middle East Crypto Exchange Coinmena Enters the Qatari Market, Regulator Says No Institution Licenced \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Coinmena, the Bahrain-based cryptocurrency exchange, recently announced that residents of Qatar can now buy and sell cryptocurrencies on its platform. The cryptocurrency exchange claimed it is the first regulated digital asset exchange to open its platform to Qatari residents.<\/strong><\/p>\n

Residents Can Now Connect Bank Accounts to Their Crypto Wallets<\/h2>\n

The Bahrain headquartered cryptocurrency exchange, Coinmena, has become the first regulated digital asset exchange to offer its services in Qatar. According to a statement<\/a> released by the exchange on May 19, Coinmena\u2019s foray into Qatar means the country\u2019s residents can now connect their bank accounts to their crypto wallets. This enables them to \u201cdeposit and withdraw funds directly and safely.\u201d<\/p>\n

In a joint statement following the exchange\u2019s latest foray into another Middle East and North Africa (MENA) market, Coinmena\u2019s co-founders, Dina Sam\u2019an and Talal Tabbaa said:<\/p>\n

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We are delighted to become the first crypto exchange to offer our services in Qatar. Investors have been asking about our plans to enter the country for some time now, so this news represents a major milestone on our long-term geographic market expansion plans.<\/p>\n<\/blockquote>\n

Sam\u2019an, meanwhile, revealed that Coinmena intends to become the \u201cregion\u2019s preferred crypto financial services company\u201d and is, therefore, constantly looking to onboard more countries.<\/p>\n

Coinmena\u2019s entry into Qatar comes just a few months after it was reported<\/a> that the Middle East country was examining the possibility of issuing a digital currency. However, according to one report, the decision to issue a digital currency or not will only be made once the central bank completes its study.<\/p>\n

Meanwhile, in an apparent response to Coinmena\u2019s announcement, the Qatar Central Bank (QCB) is reported to have issued a statement warning residents against dealing with \u201cunlicensed financial institutions and service providers.\u201d<\/p>\n

In a translation of the QCB\u2019s Arabic language warning published<\/a> by The Peninsula, the central bank reiterated that \u201cno financial institution has been licenced to provide services of exchange, transfer, trading and dealing on virtual currencies.\u201d In a warning that was also issued on May 19, the QCB said it will take legal action against any entity that provides virtual asset services without a licence issued by the central bank.<\/p>\n

What are your thoughts on this story? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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