Cryptocurrency Q&A
How does the CBB pre-approve crypto-assets?
How does the CBB pre-approve crypto-assets?
Eleonora
Sun Jul 14 2024
|
5 answers
952
Could you elaborate on the process involved in the pre-approval of crypto-assets by the Central Bank of Bahrain (CBB)? Specifically, what criteria does the CBB utilize to assess the suitability of these assets? Do they conduct thorough due diligence on the technology, team, and market potential? Additionally, how does the CBB ensure that the crypto-assets they approve adhere to the country's financial regulations and laws? Furthermore, what role does the CBB play in monitoring and regulating these approved crypto-assets once they enter the market? Is there a framework in place for evaluating ongoing performance and potential risks?
5 answers
CryptoNerd
Mon Jul 15 2024
Countering financing of terrorism (CFT) frameworks are equally important. The CBB ensures that crypto-assets are not utilized for terrorist financing activities.
Was this helpful?
214
41
Valentina
Mon Jul 15 2024
The Crypto-assets Board (CBB) implements a rigorous pre-approval process for crypto-assets. This evaluation considers numerous crucial factors.
Was this helpful?
53
44
DigitalDukedom
Mon Jul 15 2024
Among these factors is the technological experience of the issuer and its development team. The CBB assesses the team's proficiency in blockchain and cryptocurrency technology.
Was this helpful?
212
47
HanjiArtistryCraftsmanship
Mon Jul 15 2024
Additionally, the CBB examines the issuer's track record and reputation. This includes evaluating past performance, business ethics, and market standing.
Was this helpful?
219
35
charlotte_bailey_doctor
Mon Jul 15 2024
Anti-money laundering (AML) measures are also scrutinized. The CBB verifies that the issuer has robust systems and controls to prevent illegal financial activities.
Was this helpful?
254
50
