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

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more