A nation in the Arabian Gulf constituted with more than 30 islands and is recognized as Bahrain. On the 25th Day of February 2019, reported by the local media TradeArabia which states that The Central Bank of Bahrain has issued new regulations for cryptocurrencies.
Earlier, previous year in December, a draft proposal was issued by the central bank to possibly regulate and license the crypto asset services.
Bahrain Rules:
The new rules which are made are related to the licensing, governance, risk management, Anti-Money Laundering, and Counter-Terrorist and are also of the major concern of Financing measures, business conduct, conflict of interest avoidance, reporting and cybersecurity. These regulations had also established new standards of supervision and enforcement.
Cryptocurrency exchanges are now having the license which is provided by the Central Bank of Bahrain and will now also have to respect the guidelines regarding order matching, before and after-trade transparency, market manipulation, and market abuse avoidance, and also the conflicts of interest.
As per the reports of TradeArabia, it is also reported that the regulations of Central Bank have also made it very clear that the crypto exchanges will have to enhance the dedication when onboarding new clients, and also specifications involving assurance that safely encrypted custody wallets will always be able to be retrieved.
Central Bank of Bahrain has previously launched its regulatory sandbox to allow blockchain and crypto companies to work in the country.
Course on blockchain:
Moreover, in the month of January, the University of Bahrain has announced that they will issue diploma courses on the blockchain using the Blockcerts comes in partnership with the Learning Machine which is also a startup that provides a system which issues a verifiable official record using a blockchain-anchored format.
