Qatar residents can now connect their bank accounts to their crypto wallets.
Middle East Crypto Exchange Coinmena, the Bahrain-based cryptocurrency exchange, recently declared that residents of Qatar can now buy and sell cryptocurrencies on its platform. The cryptocurrency exchange claimed ii is the first regulated digital asset exchange to open its platform to Qatar residents.
The Bahrain headquartered cryptocurrency exchange Coinmena has become the first regulated digital asset exchange to offer its services in Qatar. Exchange on May 19, Coinmena's foray into Qatar means the country's residents can now connect their bank accounts to their crypto wallets. This enables them to "deposit and withdraw funds directly and safely"
In a Joint Statement following the exchange's latest foray into another Middle East and North Africa market. Coinmena's co-founders Dina Saman and Talal Tabba said:
"We are delighted to become 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 represents a major milestone on our long-term geographic market expansion plans."
Saman revealed that Coinmena intends to become the "region's preferred crypto financial services company" and is, therefore, constantly looking to onboard more countries.
The Peninsula, the central bank reiterated that "no financial institution has been licensed to provide services of exchange. transfer, trading and dealing on virtual currencies." in a warning that was also issued on May 19 QCB said it will take legal action against any entity that provides virtual asset service without a licence issued by the central bank.