Palmex to Get Regulatory Sandbox License in Bahrain

Palmex has reportedly become the first crypto exchange in the Middle East and North Africa (MENA) region to receive a regulatory sandbox license
14 June 2018   350

The Central Bank of Bahrain (CBB) approved the creation of a regulatory sandbox for the Dubai crypto exchange Palmex, reports Bitcoin. com.

Created by Arabianchain Technology, Palmex became the first in the Middle East and North Africa (MENA), which received such a license.

The Exchange trades in several currency pairs, including traditional BTC, ETH, LTC and XRP, as well as Dubaicoin (DBIX). The latter represents the first decentralized cryptocurrency of the MENA region.

The Arabianchain Technology Venture Company is also based in Dubai. The Arabianchain it is the first public blockchain in the MENA region.

The license comes into force on July 15 within the strict application process, during which the security and protection systems of the exchange's customers are checked.

[Company] will start with a limited number of select users to test and optimize the process and then expand to the rest. A significant rise in awareness and adoption [of cryptocurrency] could be expected, driving a huge spike in the number of trades and token-based fundraising across the region while maintaining the safety of the financial system.
 

Mohammed Alsehli

Founder and CEO, Arabianchain

The regulatory sandbox creates a virtual safe space for the development and launch of products, services, platforms and business models in a controlled environment. Its use gives the regulatory authorities time to adapt legislation.

Bakkt Won't Support Margin Trading

CEO of a trading site shared new information about the platform
21 August 2018   104

The CEO of Bakkt trading platform Kelly Loeffler said that the site will not support margin trading, and all transactions will be fully secured with assets.

A critical element to price discovery is physical delivery. Specifically, with our solution, the buying and selling of Bitcoin is fully collateralized or pre-funded. As such, our new daily Bitcoin contract will not be traded on margin, use leverage, or serve to create a paper claim on a real asset. This supports market integrity and differentiates our effort from existing futures and crypto exchanges which allow for margin, leverage and cash settlement. 
 

Kelly Loeffler

CEO, Bakkt

Also, Kelly Loeffler told new details about the upcoming platform. Thus, at the present time, a robust framework for the creation of an exchange is being developed. This framework will have several important characteristics, including compliance with regulatory requirements of regulators, a transparent system of pricing for assets and infrastructure at the institutional level.

Parent company of the New York Stock Exchange (NYSE), one of the world's largest financial corporations Intercontinental Exchange (ICE) in partnership with Microsoft, Starbucks and BCG are engadged in creating Bakkt.

Bakkt's ecosystem will include federally regulated exchanges, custodian services, applications for merchants and users. Bitcoin, as the most liquid crypto currency, will be the first in the listing of the new platform and will be traded in pairs with fiat currencies.