Bahrain issues Draft Rules of Crypto-asset Platform Operators, Open for Feedback

The Bahrain News Agency reported that the Central Bank of Bahrain (CBB) issued (and will be publishing in the CBB website 'Open Consultations' section) a consultation paper on the draft rules on Crypto-asset Platform Operators ("CPO") for comment until December 31, 2018. The CPO provides 'a regulatory framework for the licensing and supervision of crypto-asset services including those provided by a platform operator as a principal, agent and as a custodian, within or from the Kingdom of Bahrain.'

This release follows an initiative to focus on financial innovation as well as the release of Bahrain's final rules on 'open banking' which provides an 'account information service' to bank customers in a single platform and a 'payment initiation service' which enalbes licensed third parties to utilize mobile applications to provide seamless fund transfers between different customer accounts.

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