1.Central Bank of Bahrain (CBB) Issues final rules on Crypto-assets services and Crypto-asset Exchange.
2.Ontology’s Development Platform Released On Google Cloud, AWS, and Azure.
1.Central Bank of Bahrain (CBB) Issues final rules on Crypto-assets services and Crypto-asset Exchange
The Central Bank of Bahrain (CBB) has issued Final cryptocurrency regulation.
Mr. Khalid Hamad, Executive Director – Banking Supervision of Central Bank of Bahrain(CBB), said: “We will continue to enhance our regulatory framework in order to keep pace with the innovations taking place in the major financial centres around the globe. The CBB’s introduction of the rules relating to crypto-assets is in line with its goal to develop a comprehensive rules for the FinTech eco-system supporting Bahrain’s position as a leading financial hub in the MENA region.”
Central Bank of Bahrain (CBB) Crypto-asset rules deal with the rules for licensing, governance, minimum capital, control environment, risk management, AML/CFT, standards of business conduct, avoidance of conflicts of interest, reporting, and cyber security for crypto-asset services.
They also cover supervision and enforcement standards including those provided by a platform operator as a principal, agent, portfolio manager, adviser and as a custodian within or from the Kingdom of Bahrain.
In addition, for those licensed by the CBB as crypto-asset exchanges, the regulatory framework also contain rules relevant to order matching, pre and post trade transparency, measures to avoid market manipulation and market abuse, and conflicts of interest.
Recognising the emerging nature of these activities and the risks involved, the CBB rules also specify, among other measures the following:
- Need for enhanced due diligence (EDD) when on boarding new clients;
- Requirements to ensure that no encrypted safe custody accounts or “wallets” are maintained that cannot be retrieved;
- A mandate to ensure that keyman risks are adequately managed including by having the necessary insurance covers;
- The clients are educated and given clear instructions for use of the safe custody wallets.
2.Ontology’s Development Platform Released On Google Cloud, AWS, and Azure.
Cryptocurrency Ontology(ONT) said its Development Platform has been released on Google Cloud Platform Marketplace.
Ontology Cryptocurrency has announced in a medium post that Ontology Development Platform (ont_dev_platform) was released on Google Cloud Platform Marketplace, making Ontology one of the first public blockchains to have a development platform on the leading cloud provider marketplaces: Google Cloud, Amazon Web Services, and Microsoft Azure.
You can now develop Ontology smart contracts on Google Cloud, AWS, and Azure https://t.co/5FeRqc0kES $ONT $ONG
— Ontology (@OntologyNetwork) February 23, 2019
The Ontology platform is a set of tools for developing smart contracts on Ontology’s blockchain.Using the Ontology Development Platform on one of these cloud providers allows you to play around with and develop smart contracts without having to go through the fuss of configuring and setting up an environment locally.
Ontology has also joined the Google Cloud Technology Partner program, which gives Ontology the opportunity to collaborate with Google in marketing activities. With this new relationship and the development platform releases, Ontology hopes to grow the tech community and make developing dApps more accessible for all.
As of now, Ontology cryptocurrency is valued at $0.97, 13.7 percent down in 24-hour period ranked at 20 among the top cryptocurrencies by market cap.
