A Dubai-based cryptocurrency change has reportedly grow to be the primary crypto change in the Middle East and North Africa (MENA) area to obtain a regulatory sandbox license. The license used to be granted via the Central Bank of Bahrain and can take impact this week.
Crypto Exchange Received Sandbox License
The Central Bank of Bahrain (CBB) has reportedly granted a regulatory sandbox license to the operator of Palmex, a Dubai-based cryptocurrency change. The Dubai International Financial Center (CPI Financial) elaborated on Tuesday:
Palmex, a qualified virtual asset change powered via Arabianchain Technology, has grow to be the primary cryptocurrency change in the Middle East and North Africa (MENA) to obtain a regulatory sandbox licence.
According to its website online, the change gives “multiple trading pairs including bitcoin and Dubaicoin DBIX, the first decentralized cryptocurrency in the region,” in addition to ETH, LTC, and XRP. Fees are divided into 3 tiers in accordance with per 30 days buying and selling quantity.
Venture corporate Arabianchain Technology could also be founded in Dubai. “Arabianchain is the first public, decentralized and consensus-driven blockchain in the MENA region,” the corporate claims.
License Effective June 15
The sandbox creates a digital protected house for companies to “trial and refine innovative products, services, platforms and business models in a live but controlled environment…giving regulators time to adapt legislation as needed,” CPI Financial defined. “Companies will also be able to apply to list their tokens and coins with Palmex and benefit from the compliance of the exchange.”
According to Arabianchain’s founder and CEO, Mohammed Alsehli, the corporate “will start with a limited number of select users to test and optimize the process and then expand to the rest.” CPI Financial wrote:
The licence is going into impact on 15 July as a part of a rigorous utility procedure that verified its safety methods, insurance policies, processes and controls to offer protection to shoppers. Whilst in the regulatory sandbox, corporations are required to stick to CBB rules.
The CEO believes that “a significant rise in awareness and adoption [of cryptocurrency] could be expected, driving a huge spike in the number of trades and token-based fundraising across the region while maintaining the safety of the financial system,” CPI Financial conveyed.
What do you bring to mind the Central Bank of Bahrain granting Palmex a regulatory sandbox license? Let us know in the feedback phase under.
Images courtesy of Shutterstock, Arabianchain, and Palmex.
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