The Central Bank of Bahrain (CCB) has continued to build on recent efforts to bring clarity to cryptocurrency-related companies operating within its jurisdiction.
The CBB checked Rain, a cryptocurrency exchange that started operations in 2016, for compliance with standards required from companies offering crypto-related services.
In line with the rules of the sandbox, Rain apparently went through a nine-month period during which the CBB will closely watch it as it trials it product “on a limited number of users, with a limited number of transactions.”
Following the expiration of the sandbox window, the crypto exchange has satisfied the metrics set by the CBB and for this reason, have graduated from the sandbox.
Interestingly, the exchange also hit another milestone on the day, acquiring a Shariah compliance license from the Shariah Review Bureau (SRB).
The license shows that the services offered by the crypto exchange are in line with Islamic laws and as such is appropriate to receive patronage from members of the public.
The license covers Rain Exchange to provide services related to major cryptocurrencies, Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).
Speaking in the report, one of the exchange's top official, Abdullah Almoaiqel, expressed delight at their recent achievements and hailed it as “a major milestone in the cryptocurrency and Islamic markets.”
As Stmarket.co has reported in recent times, Bahrain is also working to provide a regulatory framework for the cryptocurrency industry.
Authorities in Bahrain hope that by doing this, blockchain and crypto related startups would set up in their region and boost economic activity to a large extent. Undoubtedly, producing its first sandbox graduate company is a step in the right direction for Bahrain's crypto ecosystem.
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