The central bank of Bahrain (CBB) has issued regulations for businesses engaging in Bitcoin and other cryptocurrency-related activities. The Middle East’s tiniest nation becomes the first in the region to provide official government backing for the emerging asset class.
Comprehensive Rules for Bitcoin Businesses
According to TradeArabia, the CBB has issued Bitcoin regulations becoming the first Arab nation to do so. The new laws cover many aspects of the regulatory spectrum for cryptocurrency businesses, which include KYC/AML, capital controls, licensing, and risk management among others.
The CBB’s regulations also include compliance and enforcement standards for advisers, custodians, and other principal actors in the country’s cryptocurrency space. Cryptocurrency exchanges aren’t left out with the new CBB regulations…