On March 11, 2021, Bahrain-based CoinMENA launched its fully regulated, sharia-compliant crypto-exchange. This will allow customers to buy and sell cryptoassets in their local currency, such as the Bahraini dinar, Emirati dirham, Kuwaiti dinar, Omani rial and Saudi riyal, in the Middle East and north Africa (MENA) region. The exchange, which is licensed by the Central Bank of Bahrain (CCB), offers five cryptocurrencies on its platform: bitcoin, bitcoin cash, ether, litecoin and XRP. It also offers an over-the-counter desk for individuals and institutions looking to buy and sell large orders of digital assets.
Q: Why is 2021 a good time to launch a new crypto-exchange in the Gulf Co-operation Council (GCC) region?