In line with a recent news report by native media outlet ‘TradeArabia’, Central bank of Bahrain has issued new cryptocurrency related regulation’s.
Earlier in Dec. last year, the central bank ‘issued‘ draft proposals to doubtlessly regulate and license cryptocurrency asset services.
The new regulations reportedly concern licensing, governance, risk management, AML [Anti-Money Laundering] and Counter-Terrorist financing measures, business conduct, conflict of interest avoidance, covering and cyber-security. The regulation additionally establishes new direction and enforcement standards.
Cryptocurrency exchanges under Bahrain’s central bank would also have to respect tips and guidelines regarding order matching, pre and post-trade transparency, market manipulation and market abuse avoidance, moreover as conflicts of interest.
In Line with TradeArabia, the central bank’s regulation has additionally outlined that the cryptocurrency exchanges will ought to have hyped due diligence after on-boarding new consumers, along with specifications involving assurance that safe encrypted custody wallets will invariably be able to be retrieved.
As reported earlier, Bahrain’s central bank antecedently ‘launched‘ a regulative sandbox to permit ‘blockchain‘ and crypto corporations to operate within the country, pending formalized laws and ‘regulations‘.
Also, in Jan., the University of Bahrain ‘declared‘ that they’re going to issue diplomas on the blockchain employing the Blockcerts open standard in partnership with Learning Machine, a startup providing a system to issue verifiable official records deploying a blockchain-anchored format.