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
ESMA Publishes First Statistical Report on Derivatives Markets in EURelated Articles
EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0
EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
MAS Amends Notice on Related Party Transactions of Banks
MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.
ECB Amends Guideline on Euro Short-Term Rate
ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.
EBA Consults on Standards Related to FRTB-SA
EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).
PRA Proposes Rules Related to IRB Approach for Credit Risk
PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.
BoE Outlines Regulatory Treatment of Recovery Loan Scheme of UK
The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.
FSB Addresses G20 on COVID Measures, TBTF Reforms, and Climate Risks
FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.
OSFI Unwinds Temporary Increase to Covered Bond Limit for Banks
OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.
EU Amends CRR and Securitization Regulation in Response to Pandemic
To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).
HM Treasury Announces G7 Agreement on Green Agenda Ahead of COP26
HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.