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Central Bank Of Bahrain Releases New Cryptocurrency Regulation

14:18 26/02/2019
Central Bank Of Bahrain Issues Rules For Crypto Regulation

The Central Bank of Bahrain has published a document with regulatory standards on the cryptocurrencies use, TradeArabia reports.

 

Provisions in the document describe the processes of getting licenses for crypto companies, risk handling, cyber security, preventing the terrorism financing and money laundering, transparency of trading operations, and other items.

 

Cryptocurrency trading platforms with licenses will be required to comply with a number of rules that concern the comparison of orders and to avoid the market manipulation.

 

The document also states that crypto companies have to pay high attention to legal processes, related to the registration of new users and guarantees that encrypted digital wallets will be available and restorable.

 

In 2018, the central bank published a draft for the regulation of digital assets, and also created a platform for the operation of blockchain companies that are waiting for the official license. In January 2019, the University of Bahrain announced its intention to issue diplomas on blockchain on the Blockcerts network along with the Learning Machine project.

 

As previously reported, Bithumb intends to open a branch in the United Arab Emirates as well as extend its influence to Saudi Arabia and Bahrain.

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