Bahrain takes concrete steps to regulate cryptocurrencies

The potential applications of blockchain technology and cryptocurrencies are tremendous, with seemingly new projects and cryptocurrencies launched every day; and not without cause, as the immutable properties of blockchain show real promise. However, the regulations that govern these cryptocurrencies are often not well defined, which may lead to grey areas and uncertainty in the operations of a blockchain project, as well as the purchasing and holding of the digital currencies.

Bahrain, however, has recently issued draft rules to regulate cryptocurrencies, in an effort to create more transparency and clarity around the virtual assets. This is in addition to the recently launched FinTech sandbox, its co-working space FinTech Bay, and its startup accelerator SeedFuel Rowad, indicating a positive direction for Bahrain in terms of start-ups and cryptocurrency projects. Read more about its regulations here.