Consultation Paper: Crypto-Asset Platform Operators (Module CPO)

On December 13, the Central Bank of Bahrain (“CBB”) issued its draft rules on Crypto-asset Platform Operators (“CPO”) for consultation and feedback, which provide "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."

The draft Rules were published with a series of definitions, and the reasoning behind its issuance is as follows:

'Realizing the growing demand for this type of market globally and regionally, the CBB is introducing a comprehensive framework, which is risk-based to regulate this area of financial services. The new regulatory framework covers the requirements for licensing, financial resources, and measures to safeguard client or customer interests, technology standards and in particular the cyber security risk management measures, reporting and other requirements...The CBB is seeking feedback on the consultation by 31st December 2018, the consultation paper shall be available on the CBB website (www.cbb.gov.bh) under the “open consultations” section.'

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2018
Date of Document: 
Thursday, December 13, 2018
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Central Bank of Bahrain

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