CBB Consults on Licensing Rules for Crypto-Asset Platform Operators
CBB issued, for consultation, the draft rules for crypto-asset platform operators (Module CPO). The rules offer a regulatory framework for the licensing and supervision of crypto-asset services, including those provided by a platform operator as a principal, agent, and custodian, within or from the Kingdom of Bahrain. CBB is seeking feedback on the consultation by January 13, 2019.
The regulatory framework covers licnese application requirements, the conditions for the issuance of the license, capital requirements, measures to safeguard client or customer interests, and technology standards, particularly the cyber security risk management measures, reporting, and other requirements. Realizing the growing demand for the crypto-asset market globally and regionally, CBB is introducing this comprehensive risk-based framework to regulate this area of financial services. Following the recent issuance of the final rules on open banking, CBB continues to introduce initiatives that support the development of a more efficient financial services sector, driven by an environment in which innovation can thrive.
Related Links
Comment Due Date: January 13, 2019
Keywords: Middle East and Africa, Bahrain, Banking, Crypto-Assets, Regulatory Framework, Regtech, Capital Requirements, Licensing Applications, CBB
Previous Article
EBA Consults on Guidelines on ICT and Security Risk ManagementRelated Articles
|
News
BCBS Consults on Revised Disclosures for Market Risk FrameworkBCBS launched a consultation on the revised disclosure requirements for the market risk framework for banks.
November 14, 2019
WebPage
Regulatory News
|
|
News
FSB Examines Implementation of Resolution Regimes in Financial SectorFSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions and sets out plans for further work.
November 14, 2019
WebPage
Regulatory News
|
|
News
PRA Publishes Final Policy on Maintenance of TMTP Under Solvency IIPRA published the policy statement (PS25/19) that contains the final supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTPs) under Solvency II.
November 14, 2019
WebPage
Regulatory News
|
|
News
BCBS Consults on Disclosure Templates of Sovereign Exposures of BanksBCBS published a consultation on the voluntary disclosure templates related to sovereign exposures of banks.
November 14, 2019
WebPage
Regulatory News
|
|
News
IAIS Adopts ComFrame, ICS, and Holistic Framework for Systemic RiskIAIS adopted a comprehensive set of reforms—Common Framework (ComFrame), Insurance Capital Standard (ICS) Version 2.0, and Holistic Framework for Systemic Risk—that will enable effective cross-border supervision of insurance groups and contribute to global financial stability.
November 14, 2019
WebPage
Regulatory News
|
|
News
PRA Publishes Templates for Statistical Disclosures Under Solvency IIPRA published templates for statistical disclosures, as required under Article 31(2) of the Solvency II Directive.
November 14, 2019
WebPage
Regulatory News
|
|
News
FASB Proposes Improvements to Derivatives and Hedging StandardFASB proposed an Accounting Standards Update, on codification improvements to hedge accounting under Topic 815, to clarify certain sections of the 2017 hedge accounting standard (Update 2017-12).
November 13, 2019
WebPage
Regulatory News
|
|
News
FASB Approves Guidance to Assist in Transition to New Reference RatesFASB approved an Accounting Standards Update (Topic 848) to provide temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the reference rate reform on financial reporting.
November 13, 2019
WebPage
Regulatory News
|
|
News
BIS and MAS Launch Innovation Hub in SingaporeBIS and MAS launched the BIS Innovation Hub Center in Singapore.
November 13, 2019
WebPage
Regulatory News
|
|
News
MAS and Industry to Create Framework for Adoption of Responsible AIDAMAS announced that it is working with financial industry partners to create a framework for financial institutions to promote the responsible adoption of Artificial Intelligence and Data Analytics (AIDA).
November 13, 2019
WebPage
Regulatory News
|
