Skip to main content

Bahrain Central Bank Issues License to Shariah-Compliant Crypto Exchange

Bahrain Central Bank Issues License to Shariah-Compliant Crypto Exchange

Middle Eastern crypto exchange Coinmena said this week that it had obtained a crypto assets services company license from the Central Bank of Bahrain (CBB) ahead of its planned launch.

In receiving the license, the exchange, which has been certified by the Shariyah Review Bureau, said it had met several technical, operational, and security requirements from the CBB.

Coinmena added that the license allows it to operate as a regulated and onshore platform, becoming one of only a few fully licensed and operating crypto exchanges in the Middle East and North Africa (Mena) region,

At launch, Coinmena plans to offer spot trading in five major crypto assets – bitcoin (BTC), ethereum (ETH), ripple (XRP), bitcoin cash (BCH), and litecoin (LTC) to both retail and institutional investors. It will also host an over-the-counter (OTC) desk for larger transactions.

The exchange did not provide a date for its planned launch. Its services will be available to investors in Bahrain, the United Arab Emirates, Saudi Arabia, Kuwait, and Oman, it said in a Jan. 24 statement.

Dina Sam’an, co-founder and managing director of Coinmena, detailed:

Obtaining the license from the Central Bank of Bahrain allows us to operate under one of the most robust and globally-renowned digital assets regulatory frameworks where governance, security, and customer protection are central to all our operations.

Shariah compliance is a key customer need and regulatory requirement in most Muslim markets. As regards bitcoin, the technology has been viewed as “haram” – meaning that it is prohibited under Shariah laws on the basis that cryptocurrencies may be used for illegal activities such as money laundering and fraud, according to some experts.

There is also concern over a lack of central authority and how that cryptocurrency strip governments and central banks of their power over national monetary systems.

What do you think about Coinmena’s licensing by the Central Bank of Bahrain? Let us know in the comments section below.



from Bitcoin News https://ift.tt/2NwBGIs
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more