CoinMENA’s Shiba Surge: VARA License Paves the Way for SHIB Enthusiasts

Dec. 22, 2023
CoinMENA’s Shiba Surge: VARA License Paves the Way for SHIB Enthusiasts

In a move that has sent ripples of excitement through the Shiba Inu community, CoinMENA has successfully acquired a Virtual Assets Regulatory Authority [VARA] license, adding a layer of credibility and security to its operations. Shiba Inu supporters express particular enthusiasm about the listing of SHIB on the platform, especially considering the vibrant crypto hub of Dubai within the MENA region.

The Bahrain-based digital currency exchange underwent a comprehensive evaluation by VARA, resulting in the issuance of a virtual asset service provider [VASP] license. This milestone empowers CoinMENA to extend full-fledged broker-dealer services to residents in Dubai, a significant development for the Shiba army in the MENA region.

With the upgraded license, CoinMENA is now positioned to offer both retail and institutional customers in Dubai the convenience of deposits and withdrawals in UAE dirhams, eliminating the typical constraints associated with foreign exchanges. Co-founder of CoinMENA, Dina Sam’an, highlighted the arduous journey toward obtaining the VARA license, underscoring the importance of a positive and cooperative relationship with regulators.

Notably, CoinMENA already holds a category-3 digital currency service provider license from Bahrain’s central bank, enabling operations within the Gulf Cooperation Council countries. The company’s strategy of building strong relationships with local regulators has played a pivotal role in its market position, instilling confidence among users and investors.

CoinMENA now joins the exclusive league of VASPs with broker-dealer licenses from VARA, alongside industry players such as Laser Digital and Fasset. In a fiercely competitive landscape, CoinMENA aims to stand out through the introduction of innovative offerings.

CoinMENA’s Generosity Signals Shiba Inu Listing

While no official announcement has been made regarding the Shiba Inu listing, a teaser in May hinted at the possibility. Subsequently, CoinMENA announced a generous giveaway campaign featuring 50 million Shiba Inu tokens, reinforcing its commitment to the crypto community. The campaign, shared via x post, promises two lucky winners 25 million SHIB each.

Despite a relatively subdued response in the SHIB price following the announcement, the CoinMENA team has recently disclosed plans for a collaboration with D3 Global, a digital infrastructure provider. Together, they aspire to create a top-level domain [TLD], akin to familiar extensions such as ‘.com,’ ‘.org,’ or ‘.xyz,’ commonly known as TLDs. This initiative showcases CoinMENA’s forward-thinking approach and commitment to bringing unique developments to the crypto space.

As of now, Shiba is trading at $0.09638, showcasing a 24-hour trading volume of $20,155. The market cap of Shiba is at $963,757, and it holds a market dominance of 0.00%. Over the last 24 hours, the Shiba price has remained steady, showing no change in its value.

Source: CoinMarketcap

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Ammar Raza

Associate editor
Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.