Bahrain news

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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India: Bahrain joins hands with Indian government and businesses in the field of blockchain and crypto-assets

The adoption of cryptocurrencies is gaining momentum in many countries, including Bahrain and India, as institutions and authorities decipher the use of blockchain. Recently, Bahrain’s Economic Board [EDB] invited Indian companies to set up base in the country as they are providing “a plethora of opportunities to Indian fin-tech firms for open banking, blockchain, crypto-assets, robo-advisory and remittances,” reported The Economic Times. EDB is the public agency charged with attracting investment in the country and thus, the agency has been collaborating with the Indian government in many business arenas. The agency, which has offices in New Delhi and Mumbai as well, has also been working on improving the working conditions of Indian workers in the Gulf state. The Senior Manager of EDB, Dalal Buhejji, noted that India is an important market for Bahrain and added that its board held a roadshow in Mumbai to attract fin-tech companies in December 2018. It’s Managing Director, Simon Galpin said, “We are very keen to tap into not only the early stage startups that are coming out of leading Indian cities, but also scale-ups. Bahrain is a great test market for companies which want to diversify outside of India.” The two countries have been working towards the adoption of cryptocurrencies actively. The Central Bank of Bahrain, on February 25, announced the issuance of “final rules on a range of activities relevant to crypto-assets,” reported Trade Arabia. The publication further added, “The CBB crypto-asset rules deal with the rules for licensing, governance, minimum capital, control environment, risk management, AML/CFT, standards of business conduct, avoidance of conflicts of interest, reporting, and cyber security for crypto-asset services.” In India, the Supreme Court has granted four weeks time to the Union government to come up with a policy on cryptocurrencies. The Union Government has been working to understand the functioning and the possible regulations associated with cryptocurrencies. The Supreme Court said that the court will come up with regulations if the Union government failed to do so within the deadline. The EDB also emphasized on the benefits for companies moving to Bahrain such as “a simplified licensing process for foreign corporation, taxation incentives, a welcoming environment and unlimited access to Gulf and Middle Eastern markets.” The public agency is also looking to create an enabling ecosystem for startups, including viable financing options. In December 2018, the government of the state of Maharashtra, India, signed an MoU with the EDB to present a cooperative framework, promoting the fin-tech sector in Bahrain and India. Under the agreement, the governments of both the nations will collaborate to encourage delegation visits, fin-tech educational programs, and cooperation between startups, financial institutions, government agencies, and universities. The post India: Bahrain joins hands with Indian government and businesses in the field of blockchain and crypto-assets appeared first on AMBCrypto.
AMBCrypto

Bahrain Could Squeeze India to Re-Open its Crypto Market and Legalize Bitcoin

As per the request of the Reserve Bank of India, the country’s central banking institution, local banks have been disallowed from dealing with crypto businesses such as Bitcoin exchanges since 2018. With no immediate plans of the Supreme Court of India to reverse the decision of the country’s central bank, crypto companies have been pushed out of the local market. Consequently, Bitcoin investors have lost access to fiat-enabled exchanges and have resorted to peer-to-peer exchanges to convert cryptocurrencies, which could be impractical and unsafe, especially for face-to-face deals. However, a recent decision of the government of Bahrain to encourage cryptocurrency The post Bahrain Could Squeeze India to Re-Open its Crypto Market and Legalize Bitcoin appeared first on CCN
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Bahrain Courts Indian Crypto Businesses in Collaboration With Government

The Bahrain Economic Development Board is inviting Indian firms to take advantage of the opportunities its country has to offer including for crypto businesses. The board has been collaborating with the Indian government on a number of issues. The Central Bank of Bahrain recently published its final rules on crypto activities. Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval Indian Companies Invited to Bahrain The Bahrain Economic Development Board (EDB) has invited Indian companies to set up base in its country by providing “a plethora of opportunities to Indian fintech firms for open banking, blockchain, crypto assets, robo advisory and remittances,” The Economic Times reported Sunday. As the public agency responsible for attracting investment into Bahrain, the EDB has been collaborating with the Indian government on a number of business areas as well as improving the conditions of Indian workers in the Gulf state, the publication detailed. The EDB has established offices in New Delhi and Mumbai. Noting that India is a key market for his country, EDB Senior Manager Dalal Buhejji noted that the board held a roadshow in Mumbai to attract fintech companies in December last year. EDB Managing Director Simon Galpin was quoted as saying: We are very keen to tap into not only the early stage startups that are coming out of leading Indian cities, but also scale-ups. Bahrain is a great test market for companies which want to diversify outside of India. Bahrain’s Crypto Regulation The Central Bank of Bahrain (CBB) announced on Feb. 25 that it had issued the “final rules on a range of activities relevant to crypto-assets,” Trade Arabia reported, elaborating: The CBB crypto-asset rules deal with the rules for licensing, governance, minimum capital, control environment, risk management, AML/CFT, standards of business conduct, avoidance of conflicts of interest, reporting, and cyber security for crypto-asset services. Moreover, the publication detailed that the rules “also cover supervision and enforcement standards including those provided by a platform operator as a principal, agent, portfolio manager, adviser and as a custodian within or from Bahrain.” Companies licensed by the central bank including crypto exchanges will also need to follow “rules relevant to order matching, pre and post-trade transparency, measures to avoid market manipulation and market abuse, and conflicts of interest.” Benefits to Maharashtra and Indian Companies The EDB explained that there are many benefits for companies moving to Bahrain such as “a simplified licensing process for foreign corporation, taxation incentives, a welcoming environment and unlimited access to Gulf and Middle Eastern markets,” Outlook India wrote. The board added that “It is also looking to create enabling ecosystem for startups, including viable financing options,” the news outlet conveyed. In December last year, the government of the Indian state of Maharashtra signed a memorandum of understanding with the EDB to provide a cooperative framework to promote the fintech sector in both countries. Under the agreement, the two governments will “collaborate in encouraging delegation visits, fintech educational programs, and cooperation between startups, financial institutions, government agencies, and universities,” Startup Bahrain described. Maharashtra is home to some of India’s best cities for crypto jobs. Last week, data from job listing site Indeed shows that Pune, the second largest city in the state, has the second-most crypto jobs, behind only Bengaluru. Mumbai, the largest city in the state, ranks seventh this year. The Hindu Business Line reported in November that “India and Bahrain have a longstanding economic and trade relationship,” noting that “A large number of Indian businesses have already established operations in Bahrain.” What do you think of the Indian government collaborating with Bahrain? Do you think Indian crypto businesses should set up base in Bahrain? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Bahrain Courts Indian Crypto Businesses in Collaboration With Government appeared first on Bitcoin News.
Bitcoin News

Ripple (XRP) Prices Hinged on Regulation, Bahrain Take the Lead

Ripple prices accumulating Expansion or contraction of Ripple (XRP) hinged at regulation, Bahrain taking the lead Volumes more than double in the last three weeks, XRP struggling below 34 cents XRP may be available for trading at CoinBase Pro, but questions on regulation continue to pop up. Bahrain is diffusing this uncertainty by regulating assets. Ripple Price Analysis Fundamentals In part, Ripple (XRP) adoption is mainly dependent on regulation. Reasons? Well, it is because Ripple as a platform is a conduit for value transfer. Since they are cheap and efficient manner, Ripple solutions can open up the world in ways like never before. Efficiency and cost saving will be amplified if adopting financial institution incorporate XRP via xRapid that a Dan Morgan, the Head of Regulatory Relations at Ripple Inc said the product is yet to go live despite being commercially available after launching during the super-hyped Ripple sponsored SWELL Conference where Bill Clinton gave a keynote calling for supportive regulation. Because regulatory clarity is a top priority, news that Bahrain is taking the lead and regulating digital asset ought to be good news for XRP. We must remember that Ripple Inc has a foothold in the Middle East and as Sharia-compliant; it has the support of the Saudi Arabia Monetary Authority (SAMA). Candlestick Arrangements What we have in the daily chart is consolidation as buyers reverse losses of Feb 24. In a defined bull trend, buyers are still struggling to break out and trade above the first level of resistance at 34 cents. Just like 30 cents main support, 34 cents—the 61.8 percent Fibonacci retracement level– is our main buy trigger line. Once buyers have the upper hand and break above it, the resultant buy frenzy could see XRP prices pumped above 40 cents where risk-averse traders would be free to buy on pullbacks with first targets at 60 cents—Dec 2018 highs and later 80 cents. However, as long as this accumulation continues, our bullish hopes will be pinned on reaction at 30 cents and the rate of price expansion once our trade conditions are live above 34 cents and most importantly 40 cents. Technical Indicators Transactional levels are ballooning hinting of a possible accumulation (or distribution) depending on breakout direction. With averages at 37 million, any drive above 34 cents or below 30 cents must be at the back of high volumes exceeding 61 million of Feb 24. That will either reverse or confirm the bull trend of Jan 30 and Feb 18.   Ripple (XRP) Prices Hinged on Regulation, Bahrain Take the Lead was last modified: February 27th, 2019 by Dalmas NgetichThe post Ripple (XRP) Prices Hinged on Regulation, Bahrain Take the Lead appeared first on NewsBTC.
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Ravencoin Grows 20% And Continues to See RVN Token Surge in the Crypto Market

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Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report

Bitcoin [BTC] Futures were thought to be a snippet of the overarching cryptocurrency market, though meager in comparison to the larger spot market. A recent report from Bitwise Asset Management, the crypto-centric investment firm has stated otherwise. In a March 20 report presented to the United States’ Securities and Exchange Commission [SEC], Bitwise analyzed the Chicago Mercantile Exchange [CME], and the Chicago Board Options Exchange, with ten prominent cryptocurrency exchanges’ in terms of their trade volume. Prior to shedding light on their Futures versus Spot findings, it must be noted that the report revealed that 95 percent of the trading volume of unregulated exchanges were seemingly “fake and/or non-economic wash trading”. Taking into account this disparity, the percentage of futures volume to their spot equivalent increases from 1.51 percent to 33.33 percent. Reported Spot volume totaled $6 billion, but after removing the “suspicious exchanges”, the actual volume recorded dropped to $273 million, in comparison to the futures market volume of $91 million. Furthermore, the increase in futures’ volume as a percentage of the spot market has been steadily increasing. From November 2018 to January 2019, the futures market was just over 15 percent, and almost doubled in February 2019 to 33 percent. Since the Futures contracts were approved in December 2017, only on two occasions did the Futures volume, in comparison to the Spot market, shoot above 20 percent; this was in May and August 2018. Futures Volume expressed as a percentage of their Spot Equivalent In terms of their stand-alone trade volume, the CME and the CBOE are in good stead against the world’s top cryptocurrency exchanges. The daily volume the CME, which brings in $84.82 million, ranks second behind Binance’s $110.5 million and ahead of Bitfinex, which records $38.06 million in daily trade volume. The CBOE also fairs well, taking the ninth spot on the ladder, ringing in $6.12 million in daily trade volume. Gemini takes the eight spot with $8.11 million and itBit caps off the top-10 with $5.58 million in daily volume. Notable, among the top-12, eight exchanges are registered within the United States. Despite the CBOE’s comparative success against the spot exchanges’, it has not been performing well against its cross-town rival, the CME. This slump forced the CBOE to delist their Bitcoin Futures [XBT] for March 2019. However, the XBT futures that are yet to expire later in the year will not be off-loaded prematurely. Bitwise also points out that the CME Futures Price tracks the Global Spot Price based on an arbitrage model. Given below is a chart attesting the same: Arbitrage between the CME Futures price and the global Spot price The post Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report appeared first on AMBCrypto.
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How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval

The SEC has held the ETF approval for Bitcoin and Cryptocurrency for a couple of reasons. The most significant reason for the same has been the unregulated marketplace. While decentralization in Bitcoin is an attribute that makes it an ideal asset class, the market places or Exchanges that provide for conversion of FIAT to Cryptocurrency is still controlled by independent entities. A recent report by Bitwise Asset Management published by the SEC inferred that more than 95% of the cryptocurrency volume is being faked. Hence, according to that, the ‘actual spot volume’ on cryptocurrency exchanges is a little above $270 million. Moreover, the reported volume of CME and Cboe Bitcoin Futures is more than one-third of the ‘actual spot volume’ estimated by Bitwise. According to Bitwise Asset Management, This is good news because it means CME— a regulated, surveilled market— is of material size, which important for an ETF. The case of a Bitcoin ETF Approval Now CME Bitcoin Futures reported a spot trading volume of $85 million. Moreover, according to Bitwise Asset Management, the actual trading volume of the Crypto-to-FIAT Exchanges is around $273 million. Hence, according to this statistic the Futures Trading Volume of CME alone accounted for 31.1% of the ‘Actual Exchange Volume.’ Moreover, there are other Bitcoin Futures market active in Europe and Japan as well. Hence, going by the above statistic, it can be said that the institutional investment might be in parity with the unregulated investment in Bitcoin. However, the Exchanges have reported total spot volumes total to the tune of $6 billion. This can necessarily raise doubts on its demand being higher than $100 billion. However, it does not directly affect the total market capitalization of a cryptocurrency.   Parity Between Spot Trading of Bitcoin and Gold The spot trading volume of Gold is 0.55% of its total market capitalization, while according to Bitwise statistics spot ‘actual spot trading on Bitcoin is 0.39%. If the CME Futures volume is included in this data, the percentage will increase to 0.51%. The OTC trading volume on most exchanges is also not added in the Exchange Data. All this suggest that the institutional investment in Bitcoin is considerably more significant than one expects. It is not only healthy in volume but also agrees statistically with the closest relatable asset class, i.e., Gold. Hence, a new form of informational mechanics for the trading of Bitcoin and Cryptocurrency in regulated Exchanges could alleviate the doubts around the Bitcoin ETF approval.   The post How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval appeared first on Coingape.
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Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. […] Cet article Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA est apparu en premier sur Bitcoin Central.
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