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 residents of Qatar.
Residents can now link bank accounts to their crypto wallets
The cryptocurrency exchange headquartered in Bahrain, Coinmena, is the first regulated exchange of digital assets to offer its services in Qatar. According to a statement released by the exchange on May 19, Coinmena’s foray into Qatar means the country’s residents can now link their bank accounts to their crypto wallets. This allows them to “deposit and withdraw money instantly and securely”.
In a joint statement following the exchange’s latest foray into another market in the Middle East and North Africa (MENA), Coinmena co-founders Dina Sam’an and Talal Tabbaa said:
We are excited to be 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 is an important milestone in our long-term plans for geographic market expansion.
Sam’an, meanwhile, has revealed that Coinmena plans to become the “preferred crypto-financial services provider in the region” and is therefore constantly looking for more countries.
Coinmena’s entry into Qatar comes just a few months after it was reported that the Middle East country was exploring the possibility of issuing a digital currency. However, according to one report, the decision whether or not to issue a digital currency will not be made until the central bank has completed its investigation.
Meanwhile, in an apparent response to Coinmena’s announcement, the Qatar Central Bank (QCB) is said to have issued a statement warning residents against dealing with “unapproved financial institutions and service providers.”
In a translation of the warning into Arabic from the QCB, published by The Peninsula, the central bank reiterated that “no financial institution has been licensed to provide services for the conversion, transfer, trading and trading of virtual currencies.” In a warning also issued on May 19, the QCB said it will take legal action against any entity providing virtual asset services without a central bank license.
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