Bahrain's central bank is developing regulations for stablecoins in order to reduce transaction costs and increase access to financial services. The Finance and National Economy Minister revealed that the stablecoin regulations are being drafted with the aim of creating a safe investment environment and reducing the risks associated with trading on unregulated platforms. Bahrain has already issued licenses to cryptocurrency exchanges and has embraced digital assets, but critics argue that without effective regulation, more companies may be hesitant to accept cryptocurrencies and stablecoins. The proposed legislation will give the central bank the power to monitor activities and transactions conducted by licensees using a blockchain-based tracking tool, with potential penalties for violations.



Other News from Today