Bahrain Central Bank Issues Draft Cryptocurrency Regulations

Central Bank of Bahrain

The central bank of Bahrain has kicked off a consultative process on cryptocurrency platforms in the kingdom by publishing the relevant draft regulations.

According to the Bahrain News Agency, the draft rules — which target the operations of crypto-asset platforms — aim to provide a regulatory framework for the supervision and licensing of these services. Additionally, the draft rules contain measures aimed at safeguarding the interests of customers, cybersecurity risk management, and technology standards.

Bahrain first announced its positive stance toward blockchain over a year ago. At the time, Khalid Al Rumaihi, the country’s chief executive of the Economic Development Board called the technology a “huge opportunity for Bahrain.”

As Cointelegraph reported this November, Bahrain’s Institute of Banking and Finance launched its own “Blockchain Academy.” The newly established academy will provide courses in three competency areas of blockchain technology: development, implementation and strategy.

Abdulhussain Mirza, Bahrain’s minister of electricity and water affairs demonstrated a positive outlook on the technology in September, saying that “Blockchain’s ability to protect user’s data is a true mark of progress.”

As Cointelegraph reported earlier this week, the Dutch central bank also proposed licensing cryptocurrency service providers.

Source Credit: Coin Telegraph

Comments

comments