Bitcoin technology provider, Belfrics Global has received the Sandbox license from the Central Bank of Bahrain (CBB)to launch a crypto currency exchange in the country.
Belfrics, which has operations in Kenya, now becomes the pioneer crypto currency exchange in the Middle East to receive the Sandbox licence in Bahrain. Sandbox license now allows the Malaysian based firm to roll out its bitcoin exchange as it capitalises on the growing global appetite for crypto currency trading.
Approval from the Bahraini apex bank will enable Belfrics provide the market access to $50 billion (Sh5 trillion) digital transaction market in the Middle East and North Africa region alone. “This is a first of many licenses that we are targeting for the year.
Bahrain is an ideal region for us to showcase our crypto-currency 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,” said Belfrics Group boss Praveen Kumar Vijayakumar. Belfrics launched its operations in Kenya to enable it offer exchange services in addition to other digital services revolving around the Blockchain.
The firm also provides a POS system and payment gateway for merchants to accept bitcoins as payment, enhancing their scope of business.
The Sandbox licence 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.