Malaysia based bitcoin technology provider, Belfrics Global, has received the Sandbox license from the Central Bank of Bahrain (CBB) to launch a cryptocurrency exchange in the Kingdom.
Last year, it launched its Bitcoin Exchange in Kenya to allow Bitcoin users to trade more efficiently and at a much lower cost. In addition to offering them with exchange services and other digital services revolving around the Blockchain.
Receiving the Sandbox Licenses for the CBB is a huge milestone for the company, as it now allows the Malaysian based firm to roll out its bitcoin exchange and capitalize on the growing global appetite for cryptocurrency trading. This will enable Belfrics a market access to $50 billion digital transactions in the Middle East and North Africa region alone.
Praveen Kumar Vijayakumar CEO of Belfrics Group said: “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 the CBB and other central banks, we will be able to implement our identity management solutions using the Belrium Blockchain pretty soon.”
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.