New regulatory framework for Virtual Currencies

The UAE Central Bank released, in Jan 2017, a regulatory framework for virtual currencies and electronic payment systems, aimed at digital payment service providers. However, a sentence within the regulation, that “all virtual currencies (and transactions thereof) are prohibited”, has been clarified by the Governor. He stated that “these regulations do not cover ‘virtual currency’, […]

Regional Economic Commentary – Week 26

Regional & GCC Developments: Bahrain’s sovereign wealth fund Mumtalakat has “no intention of borrowing this year” and plans to finance its projects this year using income from investments and will not seek government assistance, according to its chief executive. A new SPV has been proposed by industry experts to collect USD 1.1bn to revive and […]

Regional Economic Commentary – Week 25

Regional & GCC Developments: Bahrain introduced a USD 100mn liquidity fund to enhance the depth of its illiquid stock market; supported by a number of market participants, the fund will act as market maker. Egypt’s central bank hiked interest rates by 100bps to their highest level in years, in a bid to dampen inflation and […]