Bahrain Is The First Arab Nation To Regulate Bitcoin

In the latest crypto news, we are focusing on Bahrain and its recent completion of multiple draft regulations which focus on regulating the most dominant cryptocurrency, Bitcoin.

With this, Bahrain becomes the first Arab nation that has completed its finalized version of the same and it hasn’t noted much change in its positive disposition. As one post on the Central Bank of Bahrain’s website notes, the country is now a safe place to do business crypto assets.

The director of the Banking Supervision named Khalid Hamid has stated:

“The CBB’s introduction of the rules relating to crypto-assets is in line with its goal to develop a comprehensive rules for the FinTech eco-system supporting Bahrain’s position as a leading financial hub in the MENA region.”

At present, the complete rules of Bahrain are not available online – but the bank’s website noted that the regulations require “enhanced” due diligence. On top of that, the custodial wallets in the country have to ensure that the wallets are not as retrievable as nature assets in their custody.

Moreover, the regulations demand that crypto operations must be involved in the education of clients, mostly because of the unique nature of the crypto space as well as its unique operating environment.

Bahrain officials have also spoken on the matter. Dr. Abdulhussain Mirza, who is the Minister of Electricity and Water Affairs was quoted stating:

Technologies such as blockchain take us a huge step forward in finding a secure way to facilitate transactions. Blockchain’s ability to protect user’s data is a true mark of progress, because it can be applied in different companies from different industries including cybersecurity.
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With this, the island nation joins several other countries in the region that are looking for future economic prospects.