The Central Bank of Bahrain announced the launch of a regulatory framework for the license and control of the exporters of the stable cryptocurrencies, with the aim of ensuring the adoption of these currencies in a safe and sound adoption in the financial system. According to the directives included in the new organizational framework, the exporters of stable encrypted assets are allowed to issue stable encrypted assets supported by one currency such as the Bahraini dinar, the US dollar, or any other currency approved by the bank. Moreover, the regulatory framework aims to reduce the risks associated with the use of stable, non -controlled encrypted assets, and to ensure a safe and stable investment environment, which enhances investor confidence and supports sustainable growth in the field of encrypted assets. Commenting on the new directives, Mr. Mohamed Al -Sadiq, Executive Director for Market Development at the Central Bank of Bahrain, said: “The Central Bank of Bahrain seeks, through encouraging the development and adoption of innovative financial technologies, to enhance Bahrain’s position as a leading financial center in the Middle East and North Africa region. For his part, Mr. Ali Haroun Al -Amer, Director of the Financial Markets Control Department at the Central Bank of Bahrain, said: “This initiative reflects the bank’s endeavor to include all activities related to encrypted assets within its organizational framework, and ensuring that it is undergoing comprehensive supervision and supervision. This step also embodies the bank’s commitment to provide effective measures to protect investors, and to maintain a safe and transparent investment environment.” The announcement of the new directives came during the “Financial Services Prospects: Intensifying efforts in digital transformation”, which was organized in partnership with the Economic Development Council in Bahrain, where the sector leaders met to highlight the progress made by the Kingdom in developing digital banking services, advancing the infrastructure of payments, and developing cadres to keep pace with the requirements of digital transformation. The new directions listed in the “Stablecoin Issuance and Offering (SIO) chapter” SIO) can be found within the sixth directive folder (Capital Markets) available on the bank’s website CBB.gov.bh.
