How has Education in the Middle East and North Africa evolved to keep up with progressive digital and regulatory requirements of the times?
From the rise of AI in the classroom to the strong international interest in the regions education market the sector continues to undergo major transformation.
Our latest Law Update
, titled “Brushstrokes of Law: Painting the Future”, takes a deep dive into these latest developments. In this issue, we explore:
We also feature a special section on our collaboration with the Mawaheb Art Studio, a unique creative space for People of Determination, and the artwork you see through the pages of this edition is a reflection of the students creativity.
The Law Update is a must-read for anyone who is passionate about education, whether you’re a lawyer, educator, policymaker, or investor.Read the full edition
In March 2023, the Central Bank of Bahrain (“CBB”) issued amendments to the crypto asset module (“CRA Module”) of Volume 6 (Capital Markets) of the CBB rulebook.
The amendments include:
With the new amendments, the CRA Module introduces a regulatory framework governing the offerings of “Digital Tokens” (that are defined as “asset or utility tokens that satisfy the definition of securities under the CBB law, its implementing rules and regulations.”) in or from Bahrain. The CBB’s definition of Securities now includes an additional limb that provides “crypto-assets which exhibit characteristics similar to securities such as (i) a crypto-asset which gives right to a financial entitlement, either in form of a pre-determined cash flow (similar to bonds) or a share in profit (similar to equities); (ii) a crypto-asset which grants decision power in a project to its holders (similar to voting rights) or (iii) a crypto-asset which represents a monetary claim on the issuer.” In determining whether a Digital Token qualifies as a security, the CBB will examine the underlying economic purpose of the Digital Token, its structure, characteristics, as well as the rights attached to the Digital Token.
The amendments to the CRA Module also include the introduction of cyber security control guidelines to enhance the protection of clients’ assets.
The amendments also permit crypto-assets licensees to engage in additional activities, which are not within the stipulated regulated crypto-asset services after obtaining the CBB’s approval.
The changes to the CRA Module should further develop the crypto-asset in Bahrain by catering to the ongoing developments in the crypto-assets markets and complying with the industry best practices while protecting customers interests.
Al Tamimi and Company’s Banking and Finance team regularly advises on regulatory matters and is well placed to assess the opportunities derived from these amendments. If you would like to further discuss the contents of this article and find out what it means for your business, please contact Al Tamimi and Company in Bahrain.