Shiba Inu could benefit immensely as CoinMENA, a Sharia-compliant crypto exchange, obtains a virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
This development presents an advantage for Shiba Inu, as CoinMENA can now provide its products and services to various types of investors in the United Arab Emirates (UAE), a major financial center in the world.
Among the products and services that CoinMENA offers is the trading of Shiba Inu (SHIB). CoinMENA listed SHIB in May 2023, and has since been carrying out several promotions to facilitate SHIB trading by giving away millions of tokens to eligible traders.
Due to the opportunity to gain exposure to Shiba Inu, the listing of SHIB on CoinMENA was celebrated by the Shiba Inu community, especially the ShibaArab Army, a group of SHIB enthusiasts in the Middle East and North Africa (MENA) region.
Immense Benefit to Shiba Inu
Now, with CoinMENA’s recent license procurement from the VARA, the exchange can now expand its scope to the UAE, giving Shiba Inu investors resident in the Middle Eastern nation an opportunity to trade SHIB in a regulated environment.
The Bus, a pseudonymous yet influential figure in the Shiba Inu community, expressed his excitement on X, noting that he wanted the MENA region to have a safe place to purchase their Shiba Inu in Dubai, a crypto global hub.
The community influencer had consistently pushed for the listing of Shiba Inu on CoinMENA. Responding to this disclosure, Shytoshi Kusama, Shiba Inu lead developer, replied with a message of respect and appreciation.
Much respect!!! https://t.co/J51GMRlvba
— Shytoshi Kusama™ (@ShytoshiKusama) December 21, 2023
The VASP license issued by VARA will allow CoinMENA to increase its visibility and scope in the UAE, a country that has a favorable and progressive regulatory framework for virtual assets. This expansion would significantly benefit the tokens it supports, including Shiba Inu.
VARA is the only regulatory agency overseeing digital assets in the free zones of Dubai, with the exception of the Dubai International Financial Centre (DIFC). VARA’s goal is to promote innovation by creating a new, strong economic sector that enhances Dubai’s role as a global financial hub.
Notably, CoinMENA and Shiba Inu are both examples of how the virtual asset sector is developing and growing in the region. CoinMENA has procured three virtual asset licenses, from the Bahrain’s central bank, the EU and now, VARA.