Bahrain will introduce the VAT on January 1 next year, leaving Oman, Kuwait and Qatar still to do so. Reuters
Bahrain will introduce the VAT on January 1 next year, leaving Oman, Kuwait and Qatar still to do so. Reuters
Bahrain will introduce the VAT on January 1 next year, leaving Oman, Kuwait and Qatar still to do so. Reuters
Bahrain will introduce the VAT on January 1 next year, leaving Oman, Kuwait and Qatar still to do so. Reuters

Bahrain issues draft rules to regulate cryptocurrencies


Jennifer Gnana
  • English
  • Arabic

Bahrain's central bank has issued draft rules on the trade in cryptocurrencies for consultation, setting up a framework to regulate virtual currencies as GCC countries look to increasingly tap into such assets.

"This regulatory framework will address the demand from the market for these services and the need to also recognise this innovation in financial services. The CBB's [Central Bank of Bahrain] experience with the participants within the Regulatory Sandbox was insightful in shaping these rules," said Khalid Hamad, executive director of banking supervision in a statement on the Bahrain News Agency.

The "sandbox" refers to Bahrain FinTech Bay where companies can test ideas under lighter regulations with the aim of boosting the number of such companies as part of diversification efforts to reduce government expenditure through technology.

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Read more:

Bitcoin isn't quite the gold rush it once was, but cryptocurrencies are here to stay
FinTech offers "huge" opportunity for Islamic banks to serve unbanked people

Quicktake: what is FinTech?

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The FinTech Bay, inaugurated in February, is home to about 30 firms working on cryptocurrencies, blockchain, digital payments and other financial technology. Abu Dhabi and Dubai are investing to boost the growth of FinTech start-ups. The number of MENA startups is expected to more than double by 2020 from 2015, according to Wamda Research Lab.

The comprehensive framework introduced by the CBB will cover requirements for licensing, financial resources, as well as measures to safeguard client or customer interests, technology standards and cyber security risk manage measures, the statement added.

The draft consultation paper is available for viewing on the central bank's website. The CBB is open to feedback on the draft rules until year-end.

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group

UAE currency: the story behind the money in your pockets
FIGHT CARD

 

1.           Featherweight 66kg

Ben Lucas (AUS) v Ibrahim Kendil (EGY)

2.           Lightweight 70kg

Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)

3.           Welterweight 77kg

Marcos Costa (BRA) v Abdelhakim Wahid (MAR)

4.           Lightweight 70kg

Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)

5.           Featherweight 66kg

Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)

6.           Catchweight 85kg

Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)

7.           Featherweight 66kg

Yousef Al Husani (UAE) v Mohamed Allam (EGY)

8.           Catchweight 73kg

Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)

9.           Featherweight 66kg

Jaures Dea (CMR) v Andre Pinheiro (BRA)

10.         Catchweight 90kg

Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

The Sky Is Pink

Director: Shonali Bose

Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf

Three stars

Biography

Favourite Meal: Chicken Caesar salad

Hobbies: Travelling, going to the gym

Inspiration: Father, who was a captain in the UAE army

Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter

Favourite film: The Founder, about the establishment of McDonald's

 

 

Shooting Ghosts: A U.S. Marine, a Combat Photographer, and Their Journey Back from War by Thomas J. Brennan and Finbarr O’Reilly

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

Huroob Ezterari

Director: Ahmed Moussa

Starring: Ahmed El Sakka, Amir Karara, Ghada Adel and Moustafa Mohammed

Three stars

The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5