Bahrain Draft Cryptocurrency Regulation

Bahrain Draft Cryptocurrency Regulation

Introduction

Cryptocurrency has received a considerable amount of discussion and attention in recent years. With the value of cryptocurrency soaring, especially in the last two to three years, and the likes of bitcoin also experiencing a rather drastic drop in value, individuals and governments globally have begun to realize the potential therein. Considering that the type of currency is also very new, while the likes of coins have existed for millennia and credit and debit cards are found everywhere today, individuals are just beginning to adapt to cryptocurrency.

While Bahrain has numerous laws and regulations governed by their Central Bank, rules related to cryptocurrency have just recently become a requirement. As an internationally-minded nation, it is justifiable for Bahrain to adopt laws which mirror prospective further developments.

Bahrain’s New Draft Law

The Central Bank recently published the Draft Law, which will soon govern the aforementioned. With Bahrain looking to become an international financial technology hub, it is a requirement to have cryptocurrency covered under the law.

Introducing such laws will ensure greater ease in adopting the currency form. While the law is only in its draft stages, the official enactment cannot be too far away.