The cryptocurrency company based in Bahrain CoinMENA he said today that Egyptians can now use his platform. Citizens and residents of Egypt can open accounts on CoinMENA, link their bank accounts and withdraw funds, according to a press release.
CoinMENA allows customers to buy and sell cryptocurrencies such as Bitcoin. It is based in Bahrain and is regulated by the Central Bank of Bahrain. CoinMENA complies with Islamic funding rules, according to its website.
Because matter: The cryptocurrency is growing in the Middle East, particularly in the Gulf states. CoinMENA now operates in the United Arab Emirates, Saudi Arabia, Kuwait, Oman and Qatar, as well as Egypt and Bahraib.
In a recent interview with Zavia, CoinMENA founder Talal Tabbaa has credited Bahrain and the UAE for the growth of cryptocurrencies in the region by enacting regulations on digital assets. He also mentioned the large tech-savvy youth population in the Middle East.
Last week, RAKBANK in the UAE announced a partnership with cryptocurrency firm Kraken. The deal will allow the digital bank’s clients to buy and sell cryptocurrencies using Emirati dirhams, rather than dollars through overseas bank accounts.
Kraken announced plans in April to open an office in Abu Dhabi after crypto companies Bybit and Crypto.com moved to Dubai.
Egyptian authorities have not always welcomed cryptocurrencies. Last year, the Central Bank of Egypt warned Egyptians against using them.
Learn more: The UAE’s crypto push was aided by wealthy Russians looking to liquidate money via cryptocurrency exchanges in the country earlier this year, Sebastian Castelier wrote for Al-Monitor PRO this month. The push came in response to Western sanctions against Russia for the invasion of Ukraine.
