Arab world is the last part of the world which joined the crypto community. Its first crypto exchange was established in 2018 while other worldwide exchange began operating back in 2014. However, the Arab countries, in compare to other nations, decided to approach this issue with the utmost responsibility.
The island country in Persian Gulf – Bahrain – has completed the final version of draft which regulates cryptocurrency in the country, thereby the nation has become the first Arab country to issue such a document. According to a statement made by the Central Bank, the Kingdom is now a safe place to run business crypto assets.
The director of Banking Supervision, Khalid Hamid, says:
“The CBB’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 MENA region.”
By now, the original text of regulations is not available yet. However, it is known that to conduct crypto operations, one should ensure the education.
We also want to remind you that Bahrain’s government is also interested in blockchain technology. The Minister of Electricity and Water Affairs, Dr. Abdulhussain Mirza, has claimed several times that blockchain technology is all about safety and progress. During the SmartSec Cyber Security and Blockchain Conference 2018, the Minister said:
“Technologies such as blockchain take us a huge step forward in finding a secure way to facilitate transactions. Blockchain’s ability to protect user’s data is a true mark of progress, because it can be applied in different companies from different industries including cybersecurity.”