More information on regulation floods the crypto news space today when Bahrain’s Central Bank announced its regulatory framework on trading cryptocurrencies and regulation virtual currencies overall.
The Executive Director of Banking Supervision Khalid Hamad pointed out:
“This regulatory framework will address the demand from the market for these services and the need to also recognize this innovation in financial services. The CBB’s (Central Bank of Bahrain) experience with the participants within the Regulatory Sandbox was insightful in shaping these rules.”
If you are wondering what the sandbox part means, Hamad refers to Bahrain FinTech regulation framework for companies to test their ideas while under stricter regulations. The guidelines come as a boost to the companies that wanted to be a part of reducing government spending through the blockchain technology.
The draft bill that was introduced by the Central Bank of Bahrain will cover all of the requirements for financial resources and licensing as well as protecting customers’ interests and precautious cybersecurity measures. The draft paper is available on the website of the Central Bank and the Bank is even open to feedback and opinions about the draft until the year ends.
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Bahrain is currently starting a fintech revolution in the country starting with the creation of the Fintech Bay which is a home to more than 30 companies that work with the blockchain technology, cryptocurrencies, and digital payments.
The entire Middle East is now becoming slowly an attractive destination for crypto startups mostly because of the easy access to great infrastructure and great geographical position.
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