CoinMENA, a soon-to-launch cryptocurrency exchange headquartered in Bahrain, has obtained a license from the Central Banking company of Bahrain, or CBB.

The newly acquired "Crypto Assets Services Company License" allows CoinMENA to operate fully as a regulated crypto exchange and onshore platform, the company announced on Sunday. The CBB'due south license ensures that CoinMENA meets all of the operational, technical and security requirements gear up by the cardinal bank.

As CoinMENA plans to roll out its services in the Middle East and Northward Africa, or MENA, countries — including Bahrain, the United Arab Emirates, Saudi Arabia, State of kuwait and Sultanate of oman — CoinMENA is also certified by the Shariyah Review Bureau every bit a Sharia-compliant platform.

"We are permitted to let customers who are residents in the above-mentioned countries to trade on CoinMENA, subject to them satisfying our due diligence procedures," a spokesperson at CoinMENA told Cointelegraph. The representative said that CoinMENA cannot nevertheless disclose the exact appointment of the upcoming launch.

At launch, CoinMENA will support five major cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Litecoin (LTC) and Bitcoin Greenbacks (BCH). CoinMENA plans to back up several fiat currencies at launch, including the Bahraini dinar, the Saudi riyal, the Emirati dirham, the Kuwaiti dinar, the Omani rial, too as the Usa dollar. The commutation will also feature an over-the-counter platform for larger transactions, providing customers with a dedicated manager overseeing every OTC merchandise.

Dina Sam'an, co-founder and managing director of CoinMENA, said that the company aims to expand to more countries after its launch:

"As CoinMENA grows, we will exist providing access to boosted digital assets and expanding the jurisdictions nosotros operate in, with the view of condign one of the leading digital avails exchanges on a global scale."

CoinMENA has been working to launch its crypto trading platform for more than two years so far. In late 2019, CoinMENA appointed the Shariyah Review Bureau every bit an outsourcing facility to manage and supervise the Sharia certification and Sharia audit services for its digital-asset platform.