The license received makes Belfrics one of the pioneering cryptocurrency exchange in the Middle East. This allows the company to roll out its bitcoin exchange as it capitalizes on the growing global appetite for cryptocurrency trading. In addition, this enables Belfrics to provide the MENA market access to $50 billion digital transactions.
Belfrics Group CEO Praveen Kumar Vijayakumar said: “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.”
Belfrics also launched its operations in Kenya enabling the company to offer their exchange services and other Blockchain related digital services as well. Other services Belfrics offers include POS system and payment gateway for merchants which allows them to accept bitcoins as payment which in turn enhances the scope of their 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.
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