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   1188

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.

Nasdaq to Launch Index, Based on 100 Crypto Assets

Neural network, considering 200 different factors, helped to create the list of the assets tracked by the CIX100 index
16 October 2019   112

Nasdaq, the world's second largest stock exchange, has added the CIX100 index based on 100 crypto assets, reports CoinTelegraph.

When building a basket of hundreds of leading digital assets, the tool from Cryptoindex.com uses neural network algorithms that take into account more than 200 different factors. Such a comprehensive analysis allows, in particular, to exclude coins with fake volumes.

It is also known that the index draws data on transactions on the nine largest bitcoin exchanges, and also analyzes information from social networks and the media. Only those coins that last in the top 200 for at least three months can become components of the CIX100. The composition of the index will be reviewed monthly.

According to the developers, the index will be useful for both newcomers to the industry and professionals.