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   1270

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.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   210

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.