More information on regulation floods the crypto news space today when Bahrain’s Central Bank announced its regulatory framework on trading cryptocurrencies and regulation virtual currencies overall.
The Executive Director of Banking Supervision Khalid Hamad pointed out:
“This regulatory framework will address the demand from the market for these services and the need to also recognize this innovation in financial services. The CBB’s (Central Bank of Bahrain) experience with the participants within the Regulatory Sandbox was insightful in shaping these rules.”
If you are wondering what the sandbox part means, Hamad refers to Bahrain FinTech regulation framework for companies to test their ideas while under stricter regulations. The guidelines come as a boost to the companies that wanted to be a part of reducing government spending through the blockchain technology.
The draft bill that was introduced by the Central Bank of Bahrain will cover all of the requirements for financial resources and licensing as well as protecting customers’ interests and precautious cybersecurity measures. The draft paper is available on the website of the Central Bank and the Bank is even open to feedback and opinions about the draft until the year ends.
Bahrain is currently starting a fintech revolution in the country starting with the creation of the Fintech Bay which is a home to more than 30 companies that work with the blockchain technology, cryptocurrencies, and digital payments.
The entire Middle East is now becoming slowly an attractive destination for crypto startups mostly because of the easy access to great infrastructure and great geographical position.
Crypto Law Consultation Period Officially Started By The Swiss Federal Council
Mexico: New Crypto Regulations Could Shake The Country’s Exchanges
"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
The Swiss Federal Assembly Approved A Motion For Crypto Regulation
Bitcoin ETF: SEC Receives 84% Negative Feedback On Application
“It is in my opinion that Bitcoin to date has no solid ground on which to base a serious product such as an ETF on. It is volatile, manipulated by the very few and has no real use case.” “I can see a lot of people getting hurt both financially and in other ways by you accepting this proposal. It is in my humble opinion that this proposal be rejected.”Another commenter named D. Darnwell sent a letter in which he wrote:
“I would like to voice my disapproval of this Bitcoin ETP and would ask the SEC to take a much longer time horizon to take a ‘watch and wait approach’ to see if Bitcoin is worthy of becoming a financial product with all the positives and draw-downs it entails.” “Decline this ETP without hesitation.”However, one Bitcoin ETF proponent named Sami Santos was confident, stating:
“Regarding the argument of the SEC that has not yet approved an ETF because of manipulation and mainly appreciates the protection of investors is contradictory, because without an investment fund, the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments (bitcoins). VanEck already offers insurance to cover possible losses and as such, the investor will show interest in investing in an ETF fund. So I see no reason not to approve VanEck ETF and Bitwise.”To remind you, the September (2018) Bitcoin ETF application for VanEck SolidX Bitcoin Trust received more than 1,400 comment letters - of which 99% were positive. However, because of the crypto winter, this enthusiasm has dwindled. Currently, no one knows if this Bitcoin ETF will be withdrawn. If that's the case, the 240-day deadline clock will reset itself and be set once a new filing is submitted.
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