Dubai-based cryptocurrency exchange Palmex, has been granted a regulatory sandbox license by the Central Bank of Behrain (CBB). The Dubai International Financial Center (CPI Financial) elaborated on Tuesday: “Palmex, a professional digital asset exchange powered by Arabianchain Technology, has become the first cryptocurrency exchange in the Middle East and North Africa (MENA) to receive a regulatory sandbox licence.”
Moreover from what is gotten from its website, the exchange offers “multiple trading pairs including bitcoin and Dubaicoin DBIX, the first decentralized cryptocurrency in the region,” in addition to ETH, LTC, and XRP. Fees are divided into three tiers based on monthly trading volume.
Arabianchain Technology is also based in Dubai. “Arabianchain is the first public, decentralized and consensus-driven blockchain in the MENA region,” the company claims.
Mohammed Alsehli, Arabianchain’s founder and CEO, has however revealed that the company will start small with a limited number of select users to test and optimize the process and then expand to the rest.” CPI Financial wrote: “The licence goes into effect on 15 July as part of a rigorous application process that verified its security systems, policies, processes and controls to protect customers. Whilst in the regulatory sandbox, companies are required to adhere to CBB regulations.”
Mohammed Alsehli said: “a significant rise in awareness and adoption [of cryptocurrency] could be expected, driving a huge spike in the number of trades and token-based fundraising across the region while maintaining the safety of the financial system,”