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Digital Asset Exchange Coinmena Secures Provisional License Allowing It to Operate in the UAE

Coinmena, the Bahrain-headquartered and sharia-compliant digital asset exchange, announced recently that it had secured a provisional virtual assets license from Dubai’s Virtual Assets Regulatory Authority (VARA). The license allows Coinmena to not only expand its activities but to “further strengthen [its] banking relationships within the UAE.”

Expanding Coinmena’s Activities in the UAE

A Bahrain-headquartered digital asset exchange, Coinmena, has been granted a provisional virtual assets license by Dubai’s Virtual Assets Regulatory Authority (VARA). The provisional license allows Coinmena to continue its operations in Dubai while “it undertakes the in-depth process” of acquiring a license, the digital asset exchange has said.

According to a statement released by the sharia-compliant exchange, the provisional license allows Coinmena to expand its activities within the United Arab Emirates (UAE). In their joint statement, the digital asset exchange’s co-founders, Talal Tabbaa and Dina Sam’an, said:

VARA has developed a progressive framework within which businesses can work innovatively and securely. As a result of the provisional license issued to CoinMENA by the authority, we will be able to expand our activities and further strengthen our banking relationships within the UAE.

Prior to receiving its latest license, Coinmena had secured two digital assets licenses, one from the Central Bank of Bahrain (CBB) and the other one in the European Union, the statement added.

Growing Dubai’s Virtual Asset Ecosystem

Meanwhile, Helal Saeed Almarri, director general at the Dubai World Trade Centre Authority — the body that houses VARA — commended the digital asset exchange’s move.

“We are pleased to welcome CoinMENA to the growing virtual asset ecosystem in Dubai. VARA is committed to supporting leading regional enterprises dedicated to building strong foundations for this future economy,” the director general said.

Almarri added that the regulator appreciates the “knowledge and experience” that the digital asset exchange brings and is looking forward to its “active participation as VARA builds a best-in-class virtual assets regulatory environment in the UAE, for the world.”

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Polkadot’s DOT bearish weakness to accelerate if $6.5 level fails to hold

Polkadot is regarded as the blockchain of blockchains. Native token DOT has been bearish slightly above the $6.5 support. If DOT breaks below $6.5, the price could fall further to $4. Polkadot’s native token DOT/USD is trading at 6.73. The price is close to or at a support of $6.5, the lowest since January 2021.::Listen

  • Polkadot is regarded as the blockchain of blockchains.

  • Native token DOT has been bearish slightly above the $6.5 support.

  • If DOT breaks below $6.5, the price could fall further to $4.

Polkadot’s native token DOT/USD is trading at 6.73. The price is close to or at a support of $6.5, the lowest since January 2021. Although the price recovered to a high of $8.45 in recent weeks, it has since lacked a bullish impetus. Investors should watch $6.5 as it could be a turning point for DOT or start a further decline.

Polkadot is described as a “blockchain of blockchains.” It connects blockchains that would otherwise be incompatible with each other. It unlocks value by allowing data transfers across blockchains. In line with the goal, Polkadot launched a cross-chain messaging system in May. The system allows native transfers of tokens across parachains. Polkadot’s native token DOT allows staking and governance on the protocol. It is also available for trading in other exchanges.

Just like other cryptocurrencies, DOT has been highly volatile. It once traded at a high of $56 in November last year, at the height of the crypto boom. The recent crypto weakness means that DOT is yet to stage a lasting comeback.

 DOT risks another low if $6.5 support fails to hold

Source – TradingView

The MACD line closed below the moving average, signaling a bearish move for DOT. A RSI shows oversold conditions, but the price is yet to hit the support. More weakness in the price is expected as bearish sentiment prevails. A bullish reversal could occur at $6.5. Failure to reverse at the support would open DOT to further decline to a support around $4.

Summary

DOT/USD is bearish approaching a key support of $6.5. If the price fails to rebound at the support, the crypto token could proceed to $4. Investors should watch $6.5 for price action. Still, there is no indication the price will go higher at the support. Buyers should be prepared for further downside.

The post Polkadot’s DOT bearish weakness to accelerate if $6.5 level fails to hold appeared first on CoinJournal.

Digital Asset Exchange Coinmena Secures Provisional License Allowing It to Operate in the UAE

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