Bahrain’s CoinMENA to offer crypto services in Egypt
Crypto is particularly growing in Bahrain and the UAE, in part due to evasion of sanctions on Russia in the latter.
The Bahrain-based cryptocurrency firm CoinMENA said today that Egyptians may now use its platform. Citizens and residents of Egypt can open accounts on CoinMENA, connect their own 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 regulated by the Central Bank of Bahrain. CoinMENA complies with Islamic financing rules, per its website.
Why it matters: Cryptocurrency is growing in the Middle East, particularly in Gulf states. CoinMENA now operates in the United Arab Emirates, Saudi Arabia, Kuwait, Oman and Qatar, in addition to Egypt and Bahraib.
In a recent interview with Zawya, CoinMENA founder Talal Tabbaa credited Bahrain and the UAE for crypto’s growth in the region by issuing regulations on digital assets. He also mentioned the large tech-savvy youth population in the Middle East.
