A Dubai-based cryptocurrency exchange has reportedly become the first crypto exchange in the Middle East and North Africa (MENA) region to receive a regulatory sandbox license. The license was granted by the Central Bank of Bahrain and will take effect this week.
Crypto Exchange Received Sandbox License
The Central Bank of Bahrain (CBB) has reportedly granted a regulatory sandbox license to the operator of Palmex, a Dubai-based cryptocurrency exchange. The Dubai International Financial Center (CPI Financial) elaborated on Tuesday:
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.
According to its website, the exchange offers “multiple trading pairs including bitcoin and Dubaicoin DBIX, the first decentralized cryptocurrency in the region,” in addition to ETH, LTC, and XRP. Fees are divided into three tiers based on monthly trading volume.
Venture company Arabianchain Technology is also based in Dubai. “Arabianchain is the first public, decentralized and consensus-driven blockchain in the MENA region,” the company claims.
License Effective June 15
The sandbox creates a virtual safe space for businesses to “trial and refine innovative products, services, platforms and business models in a live but controlled environment…giving regulators time to adapt legislation as needed,” CPI Financial explained…