The first licensed crypto-exchange in the Middle East is to start operating in Bahrain tomorrow, June 15. Dubai-based Palmex trading platform will become the first licensed crypto-exchange in the region of Middle East and North Africa (MENA). The Central Bank of Bahrain (CBB) granted Palmex a license to create a "regulatory sandbox".
“Palmex, a professional digital asset exchange powered by Arabianchain Technology, has become the first cryptocurrency exchange in the Middle East and North Africa (MENA) to receive a regulatory sandbox licence.”
The exchange offers several trading pairs, including bitcoin, ETH, LTC, XRP and dubaicoin (DBIX) - the first decentralized cryptocurrency from the region. The "Sandbox" is set to create a secure virtual space for business and aid in improving product innovation, services and business models in a controlled environment. "The regulator will be given the opportunity to adapt the legislation as needed," the International Financial Center in Dubai (CPI Financial) stated.
According to Arabianchain founder and CEO Mohammed Alsehli, the company “will start with a limited number of select users to test and optimize the process and then expand to the rest.” The CPI Financial also reported that “companies are required to adhere to CBB regulations.”
By Ekaterina Ulyanova