Bahrain announces new cryptocurrency regulations

  • by Ahmed Mamdouh
  • February 25, 2019, 17:43 AM
  • 261 Views
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The central bank of Bahrain has announced new digital currency regulations and license to deal with any related crypto asset services, TradeArabia report released on Monday showed.

The new regulation will manage licensing and governance of any cryptocurrency activities, while focusing strictly on security issues such as cybersecurity, Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF) and Know Your Customer (KYC).

Cryptocurrency exchanges operating in Bahrain will now have to conform to the new regulations and they have to offer assurances that safe encrypted custody wallets will always be able to be retrieved.

Major digital currencies plunged today, where the Bitcoin fell 5.83 percent to $3,842.98, Ethereum dropped 11.18 percent to $140.07 and Ripple slumped 6.64 percent to 0.3050, according to CoinMarketCap.

The Bitcoin dipped from a high of $4,194.8 to a low of $3,718 on Binance exchange on Sunday, amid uncertainty surrounding the future of cryptocurrencies.

Nevertheless, the leading cryptocurrency is still set for its first monthly gain this month since July last year.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at Ofeed.com, with 11 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from the American University in Cairo and a Bachelor Degree in Economics from the Faculty of Economics and Political Science, Cairo University.

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