Central Bank of Bahrain has issued a draft of digital assets regulations which includes new licensing requirements for crypto service providers.
Bahrain’s central bank has issued draft regulations on digital assets, Reuters reports Friday, Dec. 13.
According to Reuters “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.”
Bahrain’s central bank has reportedly stated that the proposed regulations include “measures to safeguard customer interests, technology standards, and cybersecurity risk management.”
Bahrain first announced its positive stance toward blockchain over a year ago. At the time, Khalid Al Rumaihi, the country’s chief executive of the Economic Development Board called the technology a “huge opportunity for Bahrain.”
As Cointelegraph reported this November, Bahrain’s Institute of Banking and Finance launched its own “Blockchain Academy.” The newly established academy will provide courses in three competency areas of blockchain technology: development, implementation and strategy.
Abdulhussain Mirza, Bahrain’s minister of electricity and water affairs demonstrated a positive outlook on the technology in September, saying that “Blockchain’s ability to protect user’s data is a true mark of progress.”
As Cointelegraph reported earlier this week, the Dutch central bank also proposed licensing cryptocurrency service providers.