Cryptocurrency exchange has made its way to almost all the developed nations. In the latest update, the Middle East and North Africa are too added to the list of the nations using cryptocurrency. Palmex a specialized digital benefit exchange has become the first cryptocurrency to be used in these geographical areas. It is powered by powered by ArabianChain Technology and will be receiving a Regulatory Sandbox License for its final authorization.
According to Start Up Mgzn, the Central Bank of Bahrain has given approval to Palmex under the regulatory act of Kingdom of Bahrain. This step is going to pave the way for cryptocurrency in the completely official format for investors, regulators and banking systems. The security systems have been concerned about the transactions of digital currencies in a fully transparent environment.
A regulatory sandbox is a structure and procedure that smoothen the progress of the finance-related technological upgrade in a secured way. The financial technology or fintech approves efficient business models. For that reason, regulatory precision is crucial to the innovators of fintech in order to bring acquiescent services to investors.
How Palmex Will Affect Middle East Economy?
ArabianChain founder and CEO Mohammed Alsehli, delightedly announced that, their team has worked to ensure compliancy and additional legitimacy. He further mentioned that, “ArabianChain will start with a limited number of select users to test and optimize the process and then expand to the rest.”
The authorization from the Bahrain Central Bank has makred the arrival of this cryptocurrency upgrade in the market. The fintech innovators and traders are looking forward to make large investments through virtual currency. In addition to this, fintech team is working to ensure the best interest of national capital and investors. Apart from the individual traders, companies will also be able to register for tokens and coins with Palmex.
Blockchina technology is already making a mark with its secured operative environment. In other words, Palmex will make it more flexible in terms of usage and developmental activities.
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