Cryptocurrencies have had to fend off several obstacles before their big break. Religion was also a major hurdle. While every religion follows certain rules, compliance of Muslims with the Sharia is mandatory. Those who follow the Islamic religion are required to make sure that their ventures or activities are acquiescent with the Sharia. Keeping all this in mind, a Middle Eastern country is all set to roll out a crypto exchange.
Sharia-Compliant Platform To List BTC, ETH, LTC And Other Assets
Muslims are quite often governed by the code called Sharia. With the cryptocurrency industry taking off in full force, the Islamic religion did not want to fall back or miss out on this train. Bahrain, a country of the Middle East is all set to have a cryptocurrency exchange. It was recently revealed that CoinMENA had acquired the Crypto Assets Services Company License. This license acted as a ticket for the platform to set up its headquarters in Bahrain.
CoinMENA had previously sought a license from the Central Bank of Bahrain [CBB]. The license allows CoinMENA to function as a completely regulated digital asset exchange in the country. It was also affirmed that CoinMENA was given a thumbs up by the Shariyah Review Bureau which makes it easier for the platform to operate in other Islamic countries including United Arab Emirates, Saudi Arabia, Oman as well as Kuwait.
The Co-founder and Managing Director of CoinMENA, Dina Sam’an elaborated on the same and said,
“Obtaining the license from the Central Bank of Bahrain allows us to operate under one of the most robust and globally-renowned digital assets regulatory frameworks where governance, security, and customer protection are central to all our operations. As CoinMENA grows, we will be providing access to additional digital assets and expanding the jurisdictions we operate in, with the view of becoming one of the leading digital assets exchanges on a global scale.”
The platform will start off with popular cryptocurrencies like Bitcoin [BTC], XRP, Litecoin [LTC], Bitcoin Cash [BCH] along with Ethereum [ETH].