By Bloomberg / Arabian Business
Bahrain's central bank announces that it has issued 'the final rules on a range of activities relevant to crypto assets'
The Arab world’s smallest country is taking the lead in regulating crypto assets.
Bahrain’s central bank said on Monday that it issued “the final rules on a range of activities relevant to crypto assets.”
The framework covers areas from licensing and governance to cyber security.
The central bank’s “introduction of the rules relating to crypto assets is in line with its goal to develop a comprehensive rules for the fintech eco-system supporting Bahrain’s position as a leading financial hub” in the Middle East and North Africa, Khalid Hamad, executive director of banking supervision at the central bank, said in an emailed statement.
Once the undisputed banking center of the Gulf, Bahrain is vying to regain its place as competition intensifies from counterparts in the region and beyond.
Most central banks around the world aren’t yet convinced of the benefits of digital currencies and don’t plan to issue one any time soon, according to a recent Bank for International Settlements survey.