Regulation

Bahrain’s central bank moves towards regulating crypto assets; issues rulebook

February 25, 2019, 1:30PM EDT

The Central Bank of Bahrain (CBB) has announced its next move into the world of currencies, TradeArabia reports. A new rulebook issued by the bank lays out a series of guidelines for a broad range of activities pertaining to crypto assets.

A statement released by CBB notes that the rulebook aims to make sure that all cryptocurrency-related activities within the region stay within the regulatory parameter. The document covers a wide array of subjects, including cybersecurity, licensing, standards of business conduct, as well as pre and post-trade transparency for cryptocurrency exchanges.

“The CBB’s introduction of the rules relating to crypto-assets is in line with its goal to develop comprehensive rules for the FinTech eco-system supporting Bahrain’s position as a leading financial hub in the Mena region,” said Khalid Hamad, executive director of banking supervision at CBB.

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