Welcome to the Saudi Arabia focus edition of Law Update.
One of the key markets in the Middle East and North Africa (MENA) that continues to lead from the front is the Kingdom of Saudi Arabia (KSA). As the largest country in the Middle East and the 18th largest economy in the world, the progress KSA continues to make is underpinned by its Vision 2030 that envisions developing the country as an investment powerhouse and hub that ultimately connects Asia, Europe, and Africa. Given Saudi Arabia’s significance to the regional economy, our team of experts have prepared a range of pertinent articles that provide insights into new laws, regulations, and the legal landscape in the Kingdom.
This edition will provide you with an up-to-date guide on matters such as; the framework issued by the Saudi Central Bank on IT governance, the anti-corruption landscape under Vision 2030; we also provide practical tips for dispute avoidance. This is only a snapshot; there are many more articles within the KSA focus section for you to read, which we hope you will find valuable and enjoyable.Read the edition
In a regional-first, the Central Bank of Bahrain (“CBB”) has issued for public consultation, draft regulations to govern and license “Crypto-asset Platform Operators”. The regulatory framework will be included in Volume 6 of the CBB Rulebook that governs Capital Markets.
The draft rules come off the back of the implementation by the CBB of a regulatory sandbox in June 2017. Since the creation of the regulatory sandbox, various crypto-currency related entities have availed of the opportunity and entered the sandbox, thereby working closely with the CBB in testing and refining their technology based innovative products, services and platforms, in a controlled virtual space without being immediately burdened by the usual regulatory and financial requirements which would otherwise apply to their activities.
The CBB has invited consultations on the draft regulations and comments/feedback may be provided to the CBB through email until 13 January 2019.
We have summarised the key features of the draft regulations for you below:
“Marketing” is envisaged to include any promotion, offering, announcement, advertising, broadcast or any other means of communication carried out to induce purchase, exchange or acquisition of financial services in return for a payment or other consideration.
“Activities” are deemed to be undertaken in or from Bahrain when the platform/person is incorporated in Bahrain or directly solicits clients within Bahrain.
Given the new regulations, Al Tamimi & Company would be delighted to assist you with any enquiries relating to the regulations and any licensing applications. Please do not hesitate to contact: