Bahrain has made its mandatory for travelers to declare cash they are carrying and specify the currency when entering or leaving the kingdom.
Under a decision issued by Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa, undisclosed money will be confiscated.
In case of suspected money laundering, terror financing or if the suspect is proved to be involved in such criminal acts earlier, he or she, along with the seized money, shall be referred to competent authorities for legal action, according to the order.
Malaysian fintech firm Belfrics to tap Bahrain’s bitcoin exchange
Bitcoin technology provider, Belfrics Global has received the Sandbox license from the Central Bank of Bahrain (CBB)to launch a cryptocurrency exchange in the country.
Belfrics now becomes the pioneer digital currency exchange in the Middle East to receive the Sandbox license in Bahrain. Sandbox license now allow the Malaysian based firm to roll out its bitcoin exchange as it capitalizes on the growing global appetite for cryptocurrency trading.
Approval from the Bahraini apex bank will enable Belfrics provide access to $50 billion digital transaction market in the Middle East and North Africa region (MENA) 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 cryptocurrency 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 license 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.