Use Of Bitcoin And Crypto Assets Gains Clarity In Bahrain After Central Bank Drafts New Regulations

Use Of Crypto Becomes Clearer In Bahrain After Central Bank Establishes Draft Regulations

Countries around the world seem to be gravitating towards one of three different ways of handling cryptocurrency – banning it, establishing unclear rules that are constantly being reassessed, or clearly regulating it. In a new report from Reuters on December 13th, the central bank of Bahrain is taking the latter approach with their new draft regulations.

The report says,

“The central bank said it had issued for consultation draft rules for crypto asset platform operators, providing regulations for the licensing and supervision of crypto asset services.”

These regulations will allow the central bank to keep customer interests as the central focus, while meeting technology standards and increasing cybersecurity.

Bahrain has been vocal about their support of blockchain for over a year. When Khalid Al Rumaihi, the chief executive of the Economic Development Board, spoke on the topic, he called this technology “a huge opportunity for Bahrain.”

In November, the “Blockchain Academy” was officially launched, supported by the Institute of Banking and Finance in the region. The academy primarily focuses on helping new developers and enthusiasts to grasp the important details in development, implementation, and strategy with this evolving fintech.

Abdulhussain Mirza, the minister of electricity and water affairs, has also been positive about the influence and use of blockchain technology. Quoted in September, he said,

“Blockchain’s ability to protect users’ data is a true mark of progress.”

As Bahrain continues their efforts to expand on this technology, the Dutch central bank is also making progress. Earlier this week, the bank was focused on introducing licensing requirements for service providers that support cryptocurrency.

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