Dubai’s Palmex Exchange Granted Regulatory Sandbox License By Bahrain
Palmex recently became the first cryptocurrency exchange in the Middle East and North Africa to receive a Regulatory Sandbox License. The license was granted by Central bank of Bahrain (CBB) under the sandbox regulation framework in the Kingdom of Bahrain, setting the stage for much-awaited acceptance by regulators, banks and currency exchange houses in the region that have been wary of transacting with crypto-assets.
Palmex is the first professional digital assets exchange in MENA, that offers advanced trading tools, multiple cryptocurrency pairs, rigorous security measures and low trading fees. It is a product of Arabianchain Technology a UAE based venture that is enabling blockchain innovation in order to unlock the potential of tomorrow’s economy.
Unlike other competition in MENA ArabianChain is the founder of the first public and decentralized blockchain in the region, along DubaiCoin DBIX the fuel of ArabianChain and the first decentralized minable and tradable Crypto Currency in Arabia.
فخورون بحصولنا على الرخصة التنظيمية و التجريبية لتشغيل أول منصة لامركزية مرخصة للتدوال العملات الرقمية في الشرق الاوسط و شمال أفريقيا . سعداء بكوننا رواد هذه التقنية و نتطلع لدور اكبر لتمكين تقنية البلوكشاين في الصناعة المالية بشكل اكبر في المنطقة. https://t.co/IWm95Iymw2
— Palmex (@PalmExchange) June 12, 2018
A regulatory sandbox is a framework and process that facilitates the development of the financial technology (FinTech) industry in a safe and calculated way. New business models enabled by FinTech can create regulatory ambiguity.
Therefore, regulatory clarity is critical to FinTech innovators in order to bring compliant services to market. In the regulatory sandbox, companies are required to adhere to CBB regulations including Know Your Customer (KYC), Anti-Money Laundering and Countering Financing of Terrorism, as well as follow appropriate disclosure, protection and compensation requirements related to their users.
Regarding this development, ArabianChain founder and CEO, Mohammed Alsehli, said:
“When we launched Palmex, we did so with the conviction that regulatory status is fundamental to our future and the future of the industry. Our team has put in a lot of time and resources into working with regulators to ensure we are compliant, and we are excited to give our users an added level of confidence in using Palmex with this extra layer of legitimacy.
ArabianChain will start with a limited number of select users to test and optimize the process and then expand to the rest.”
More About ArabianChain
ArabianChain is committed to revolutionizing the way governments work and to revolutionizing record keeping processes in governments by introducing blockchains in sectors of governments as the economic sector and E-services in the government.
The company has attained the crème of the industry by assembling a team of experienced experts from various other IT related companies such as Microsoft, Oracle, and Dell, among others. The combined experience of the team they have recruited means that the company produces some of the finest software that can be found in the market.