The Central Bank of Bahrain (CBB) has issued the final rules for regulating activities related to cryptocurrency assets . This is the local edition of TradeArabia .
The new rules concern licensing, business management and risk management, minimum capital, control environment, anti-money laundering and terrorist financing (AML / FT), business conduct, conflict of interest prevention, reporting and cyber security.
In addition, for those who are licensed by CBB as a cryptobirth operator, the regulatory framework contains requirements for the harmonization of orders, transparency of trading and post-trading, measures to prevent market manipulation and abuse.
TradeArabia stressed that the regulator has identified a number of specific requirements for crypto-trading platforms , including:
- the need to strengthen due diligence when connecting new customers;
- the absence of encrypted accounts secure storage or cryptocurrency wallets that can not be recovered;
- providing the necessary insurance coverage;
- Client training in the use of safe storage of cryptoactive assets.
Earlier, the Central Bank of Bahrain launched the “regulatory sandbox”, which is designed to facilitate crypto companies entering the market.
Publication date 26.02.2019
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