The Central Bank of Bahrain, under their Sandbox regulatory framework, has approved Belfrics Group to run a crypto currency exchange in the country. This makes Malaysian based Beflrics Group the first ever exchange in the Middle East to obtain a Central bank issued Sandbox license, to run a crypto currency exchange.
Mr. Praveen Kumar Vijayakumar, Chairman & CEO, Belfrics Group of companies said, "We are excited to receive this approval from the Central Bank of Bahrain as it provides access to a $50 billion digital transaction market in the MENA region alone. This is a first of many licenses that we are targeting for the year 2018. Bahrain is an ideal region for us to showcase our cryptocurrency based payment systems and with the help of CBB and other central banks, we will be able to implement our identity management solutions using the Belrium Blockchain pretty soon,"
The Sandbox license is a type of regulatory framework that is being adopted by central banks to allow FinTech firms to showcase their innovative technologies through lighter capital and entry requirements. The Sandbox license will give Belfrics Group direct access to the emerging market of Bahrain, which has been competing with Dubai and other Middle East markets in the FinTech space. Bahrain has been at the forefront of FinTech adoption in the Middle East by adopting innovation in payment systems, providing incubation and funding ecosystem for startups and establishing a Fintech Regulatory Sandbox.
Speaking about the approval, Jabeer KM, Chief Operating Officer for Belfrics Group of companies said, “We are set to establish our KYC–based solution and exchange services in 7 more countries in 2018 and the approval from CBB is a perfect start for the year 2018. We are also working closely with central banks in Africa, Middle East and Asia to regulate the crypto currency space using our innovative KYC–based blockchain, Belrium."
Belfrics Global, +91 (80) 69000109, , [email protected]
Jigar Chatwani, Vicara Communications, ,+91-9819026976 , [email protected]