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Recognizes crypto as a commodity that can be traded in exchanges. Not considering it as legal tender. Last updated: March 28, 2018.

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BitMEX Ventures Invest in Bahrain, Central Bank-Licensed Crypto Exchange, Rain

BitMEX Ventures, the investment company associated with the crypto trading platform, BitMEX has supposedly invested in a Bahrain crypto exchange called Rain reports The Block. As per their reporting, Rain raised $2.5 million in funds, which was led by both BitMEX Ventures and Blockwater, a digital assets fund. Other players who have participated in the […]
Bitcoin Exchange Guide

BitMEX Ventures invests in Bahrain-based licensed crypto exchange Rain

BitMEX Ventures, the investment arm of cryptocurrency derivatives trading platform BitMEX, has invested in Bahrain-based licensed cryptocurrency exchange Rain, which went live today. Rain has raised $2.5 million in a seed funding round co-led by BitMEX Ventures and Kuwait-based cryptocurrency fund, Blockwater. Bitcoin developer Jimmy Song and Mike Komarnsky, founder of Cumberland Mining, also participated in the round, among others. With the seed investment, the exchange plans to grow its team and invest in new technology. The Central Bank of Bahrain has issued the Crypto-Asset Module license to Rain, which claims to be the first firm in the Middle East to receive the license. Join Genesis now and continue reading, BitMEX Ventures invests in Bahrain-based licensed crypto exchange Rain!
The Block Crypto

Mastercard Partners with Bahrain Financial Network for Blockchain-Based Payment Solution

According to a press release from Trade Arabia, July 30, 2019, Mastercard and the Bahrain Electronic Network for Financial Transactions (Benefit), the only financial network in the Kingdom of Bahrain handling ATM and POS transactions, have established a partnership to provide a blockchain solution for banks to enable cross-border commercial payments.  Bahrain Adopts Blockchain TheRead MoreRead More. The post by Edoardo Vecchio appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

From Belarus to Bahrain and Singapore: Small Nations Enthusiastic About Crypto

Coinspeaker From Belarus to Bahrain and Singapore: Small Nations Enthusiastic About CryptoWhen in March 2017 Belarusian President Alexander Lukashenko met entrepreneur Viktor Prokopenya, their meeting lasted for more than three hours and it was focused mainly on proposing regulations to boost the country’s tech sector. Prokopenya at that times worked with IT firms and lawyers to draft guidelines to cash in on cryptocurrencies.Two years after the meeting, Belarus has all “law and order” it needs and Prokopenya launched a Bitcoin (BTC) trading platform. He said:“The idea was to create everything from scratch. To make sure that it is free in some of the aspects it needs to be free, and very stringent in other aspects.”This month another cryptocurrency trading platform, iExchange, began operating in Minsk, in order to attract investors from the CIS market of Russia and the former Soviet states.Co-founder Igor Snizhko then said Belarus was the best option because it had a regulatory framework that other countries in the region lacked.It is now already known that smaller countries are more eager to accept cryptocurrencies and/or even create a specific rule books for digital currencies. These kinds of endeavors could help shaping the global market evolution and the rise in the number of industry players, from exchange platforms to brokers and other financial companies.Even though big financial centers like London and New York, are usually more attractive to the traditional financial institutions, lightly-regulated jurisdictions like the Seychelles and Belize allow far easier market access for startups. However, there is always a question of protection for investors and debatable security, meaning that it’s easier to embezzle one’s assets.Belarus itself, same as some other entrants like Bahrain, Malta, and Gibraltar are seeking to offer a third way: making specific rules for the cryptocurrency sector in order to attract companies by providing regulatory security as well as benefits like tax breaks, etc.Bahrain, for example, also developed its rule book for digital assets. In February this year, new regulations for cryptocurrency companies involving KYC protocols, governance standards, and cybersecurity were launched.Even though no one can guarantee this will be a success, cryptocurrencies still showed up as a good opportunity for these states to grab a slice of the market ‘in-the-rise’. They are hoping to eventually attract investments and create more jobs at a time when big financial hubs are adopting a more conservative, “wait-and-see” approach.Jesse Overall, a lawyer at Clifford Chance in New York specializing in crypto regulation said that there are jurisdictions in the “see-no-evil, hear-no-evil camp”. On the other end, he says, there is the U.S., UK, EU. In the middle, is something that he calls “a juicy part of the spectrum”.He thinks that both countries and companies could benefit from the arrival of frameworks designed specifically for cryptocurrencies. However, he adds, governments that get the rules wrong could fall foul of global rules to stamp out illicit use of digital coins.Another small but very economically powerful country is Singapore. Local crypto firm ZPX announced they are launching a cryptocurrency trading platform, Qume, next month. This should, they hope, attract institutional investors such as high-frequency proprietary trading firms and hedge funds.It has decided to base the business in Bahrain’s capital Manama – and the problems it faced are specific for the dilemma that confronts many players across the industry.ZPX’s CEO Ramani Ramachandran said it decided against operating in a so-called offshore jurisdiction with low or no regulation. He thinks that this kind of base could discourage big investors because global regulators and politicians are not really fond of digital money. He said:“As the market matures analogous to traditional capital markets, mainstream institutional capital will increasingly look to come to regulated exchanges such as Qume as opposed to ‘light-touch’ venues in offshore jurisdictions.”From Belarus to Bahrain and Singapore: Small Nations Enthusiastic About Crypto
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Bakkt Official Launch Date, Ethereum Upgrade, Coinbase Bank & Is Everyone Ready?

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CME Futures CRUSHED Bitcoin... Will Bakkt do the Opposite?

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Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders

Yesterday’s big announcement that regulatory approval has been granted to Bakkt could be the best news bitcoin investors have had this year. It opens the door to the institutional investors and is a huge step forward for crypto industry legitimization in the US. Bakkt To Launch Next Month After months of procrastination, the new cryptocurrency trading platform launched by the Intercontinental Exchange (ICE) has finally been given the green light. The news that the Commodity Futures Trading Commission (CFTC), and the New York State Department of Financial Services, has granted regulatory approval broke late yesterday as reported by Bitcoinist. The concept of physically delivered bitcoin futures will require investors to either produce actual BTC or take delivery in them from their respective exchanges and platforms. Crypto trader at TexasWest Capital, Scott Melker, who also goes by the twitter handle ‘Wolf of All Streets’ stated the news was ‘arguably the most bullish event for institutional investors in the history of bitcoin’. The @Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing. — The Wolf Of All Streets (@scottmelker) August 16, 2019 Being backed by the New York Stock Exchange has granted bitcoin a level of legitimization never seen before. Investors will get the opportunity to trade in daily and monthly physical bitcoin futures contracts which is likely to lead to greater mainstream adoption. Bakkt is also planning to onboard a number of commercial retailers such as Starbucks which will provide an easier way for people to make purchases using bitcoin and other crypto assets. General Counsel for Compound Finance, Jake Chervinsky, was equally bullish on the Bakkt news stating that: “It offers a way for large, risk-averse institutions to buy and custody bitcoin through an end-to-end regulated system approved by the CFTC and NYDFS, and backed by the sterling reputation of ICE. Compliance lawyers rejoice!” The former litigator also noted that there is still a long way to go since there is still the SEC to contend with. When questioned on the possibility of big investors trying to short bitcoin he added; “Short sellers betting against a commodity probably don’t want to hold the underlying, so shorting via physically-delivered futures is more for entities that are net long (like miners) and want to hedge.” Fintech Business Analyst going by the twitter handle ‘Mr. Gordon’ was equally bullish on Bakkt; “This must be what it feels like to win the lottery!  The confirmation of the launch of #Bakkt changes EVERYTHING… Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make…” This must be what it feels like to win the lottery! The confirmation of the launch of #Bakkt changes EVERYTHING.. Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make….. Like which colour to get — Mr Gordon (@MrGordon_UK) August 16, 2019 Picking a Lambo color is probably a little presumptuous at the moment. Bitcoin price did not even react to the announcement as markets remain choppy this morning. BTC is still consolidating in the mid-$10k range after two dips into four-figure territory late in the week but the long term prospects have just brightened significantly. Will Bakkt send Bitcoin price to a new all-time high later this year? Add your thoughts below. Images via Bitcoinist Image Library, Twitter: @scottmelker, @MrGordon_UK The post Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders appeared first on

Bakkt launch bears good news for Bitcoin’s price and regulation

One of the biggest news last year was the announcement made by the New York Stock Exchange’s parent company, Intercontinental Exchange. In August 2018, The firm announced that it would be venturing into the cryptocurrency space with the launch of a new company – Bakkt. This turned out to be an extremely bullish news in […] The post Bakkt launch bears good news for Bitcoin’s price and regulation appeared first on AMBCrypto.

Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC

The Commodities Futures Trading Commission (CFTC) has greenlighted the physically delivered Bitcoin futures product by Bakkt. Company CEO confirmed the news and said that the derivatives product would debut on September 23. Bakkt will be the first to debut physical BTC futures Kelly Loeffler, CEO of Bakkt recently announced that the startup had won approval from the US CFTC to start offering physically settled Bitcoin futures contracts. Bakkt is backed Intercontinental Exchange, and Loeffler is married to Jeff Sprecher, the CEO of ICE. With this approval, Bakkt will become the first company to launch the physical BTC futures. The products will debut on the market on September 23, and all contracts will be cleared by ICE Clear US, the same service that clears trades for NYSE. Loeffler gave a lengthy statement on the product suggest that Bakkt’s product received CFTC approval after a self-certification process. They have also started user acceptance testing. The Bitcoins backing the futures contracts will be under the custody of Bakkt Warehouse. Bakkt Trust Company, a qualified custodian, has also received approval from the New York State Department of Finance Services. She said, “This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.” Bakkt wins the race The ICE-backed startup is not the only company eyeing the lucrative physically-settled Bitcoin futures sector. Numerous other companies like LedgerX are planning to bring the same opportunity to the market. LedgerX could have become the first company to launch these products as it received approval for offering futures, options and swaps settled in Bitcoin by the CFTC. However, the regulator says that the company lacks adequate approvals for launching the physical futures product. Meanwhile, Bakkt has decided to offer two types of futures contracts- daily and monthly. The collection of variation margin and initial margin collateral will be done by ICE Clear US. Product testing began last month to ensure that there are no hiccups when it eventually launches for the buyers. The qualified custodian of Bakkt will help in addressing concerns of the regulator related to manipulation and theft. Note that the company acquired Digital Asset Custody Company (DACC) earlier this year to win the New York regulator’s approval to become a qualified custodian. The company has also decided to pay $35 million for hedging against risks. Loeffler says that doing so will help bring safety for market participants and bring more integrity to this sector. The post Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC appeared first on - Daily Cryptocurrency and FX News.
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