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The relevant draft regulations applicable to the regulation of cryptocurrency are available on the cryptocurrency platform in the Kingdom of Bahrain. The Central Bank of Bahrain prepared the draft.
A press agency in Bahrain says that the rules set out in the project are focused on the regulation of cryptographic assets operations.
The main purpose of the regulatory framework is to authorize, regulate and supervise the services offered. The draft rules are structured in such a way as to protect the interests of consumers. Adequate IT security and risk management protocols are adopted. The applicable technological standards have been defined.
Khalid Hamad, Executive Director, Banking Supervision, Bahrain Central Bank stated that "this regulatory framework will address the demand from the market as applicable for these services.The regulation recognizes the innovation factor in financial services." The CBB's experience with The Regulatory Sandbox participants were clever in formulating these rules. "
Reportedly, the Central Bank of Bahrain expects feedback for its draft cryptocurrency by the end of the last day of 2018.
Bahrain is evolving to be the best of the International Fintech Hub. Bahrain has already identified the Fintech sector as crucial to contribute to the development of the Kingdom as a commercial and regional banking center.
The regulatory provisions envisaged for the Kingdom allow the licensing of financial institutions by CBB. Several other financial companies will also be able to "test their technology-based innovation" on whether they are solutions that are relevant to the financial sector or Fintech.
Khalid Al Rumaihi, managing director of the Council for the economic development of the Kingdom, observed at the beginning of September 2018 that Bahrain was oriented towards the adoption of cryptocurrencies. Reportedly, an exchange of Bitcoin has already expressed interest in creating a shop in the constitutional monarchy.
To the extent that Bahrain has shown interest in adopting the cryptocurrency, they have also been passionate about blockchain technology.
In February 2017, Al Rumaihi reported that the constitutional monarchy had begun talks with the Singapore Central Bank and some other companies on the adoption of distributed ledger technology to establish itself as a regional leader in the Fintech industry.
Bahrain is ready to unlock business opportunities in blockchain technology and cryptocurrency. When the Kingdom is ready to explore opportunities, there is nothing to prevent "Bahrain from becoming a leader in the Fintech space".
Several other ministers, including Dr. Abdulhussain Mirza, minister for electricity and water, emphasized the importance of the adoption of blockchain technology in the private sector.
