Bahrain central bank issues rules on crypto assets

CryptocurrenciesBahrain has become the first Gulf Cooperation Council (GCC) state to publish final rules on the use of crypto-assets. The final draft produced by the Central Bank of Bahrain (CBB) covers a range of activities including the licensing, governance, custody and risk management of crypto assets. The rules will include the supervision of services provided by various platform operators acting as principal, agent, portfolio manager, adviser or as custodian. The regulatory framework will also focus on activities associated with traditional exchanges and execution venues such as order matching, pre and post-trade transparency, market manipulation and conflicts of interest. According to the CBB, the intention is to bring the crypto world into some form of regulatory measures in line with global best practice. “We will continue to enhance our regulatory framework in order to keep pace with the innovations taking place in the major financial centres around the globe,” said Khalid Hamad, executive director, banking supervision at the CBB. “The CBB’s introduction of the rules relating to crypto-assets is in line with its goal to develop comprehensive rules for the fintech eco-system supporting Bahrain’s position as a leading financial hub in the Mena region.” ©2019 funds global mena

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