The world of finance:-
In a fast-changing world of finance, banks have been traditionally slow to adapt. DafriBank is about to change the status quo by being one of the first financial institutions that provide support for all types of cryptocurrencies. Currently, there are two types of Crypto Policies used by different countries and Financial Institutions: restrictive and permissive. Restrictive policies put a ban on cryptocurrency dealings, while permissive ones allow crypto use but under certain conditions.
The former consists of prohibiting or regulating all sorts of crypto activities including mining, exchanges, ICOs, and so on. China is the country that went the furthest to regulate cryptos followed closely by Russia. Most recently, South Korea has joined these ranks. The latter can be exemplified by embracing fintech and digital currencies but under the supervision of the Central Bank. Switzerland takes this approach, although there is still a debate regarding an eventual ban on Crypto Assets. Some European countries such as Malta follow such a path too.
Dafribank goes one step further:-
Dafribank goes one step further than these two types of policies: we will put in place a permissive regulation to allow our clients to fully embrace cryptos at their benefit without any fear. This policy will apply to all cryptos, which means that you do not have to choose between Bitcoin and Ether but rather use them both! Moreover, you will be able to enjoy the best from DafriBank if you want to buy or sell crypto assets, transfer cryptos or simply use them to invest.
DafriBank will put in place an ad hoc regulation on Crypto Assets that will be "crypto-friendly". We are aware of the risks involved with cryptocurrencies but we also know how much they can bring to our clients if handled correctly. This is why Dafribank is committed to provide its clients with the best conditions for cryptocurrency trading and investing through its services, hence our slogan: Cryptos Here, There & Everywhere!
The new regulation consists mainly of two elements. First of all, it contains a KYC-compliant client onboarding process that involves different levels: basic ID verification, enhanced ID verification, and finally voluntary authentication by using more sophisticated methods such as facial recognition or fingerprint matching. This is important to fight money laundering, terrorist financing, and black market operations in general.
Transparency:-
Their Crypto Policy puts an emphasis on transparency. We will provide real-time information about cryptocurrencies , including prices, trends, volumes, market capitalization, and many other relevant data that will allow clients either to invest with us directly through DAF Tokens or simply hold them for speculative purposes.
The new regulation still needs to go through the final discussions between Dafribank senior management and the Central Bank of Bahrain before being put in place. However, our vision is very clear: Cryptos are here to stay! Therefore engaging with cryptos is a must for banks if they want to succeed in today's fast-changing world. We at DafriBank are very excited about this new development and we cannot wait to see our clients benefit from it!
Permissive Crypto Policy:-
DafriBank Crypto offers a Permissive Crypto Policy that will allow you to use all types of Cryptocurrencies without any fear. The KYC-compliant onboarding process is important to fight money laundering, terrorist financing, and black market operations in general. You will have real-time information about cryptocurrencies including prices, trends, volumes, market capitalization, and many other relevant data.
The new regulation still needs to go through the final discussions between Dafribank senior management and the Central Bank of Bahrain before being put in place. However, our vision is very clear: Cryptos are here to stay! Therefore engaging with cryptos is a must for banks. DafriBank Crypto offers Cryptos Here, There & Everywhere to its clients!
And there has been a lot of concern about the cryptocurrency sector, cryptos have so far proved their naysayers to be completely incorrect. Beyond the apparent fact that cryptocurrency is far more energy-efficient than the financial sector, we have seen its anti-inflationary properties in action and the financial gains made by those who embrace this technology. The problem we have with Bitcoin and other currencies is that they are difficult to hold for such a large user pool. DafriBank Crypto will become the first bank in Bahrain to offer its clients comprehensive services catered specifically towards cryptocurrencies!
Do you want to take advantage of Bitcoin just as you would any other currency, without having to deal with an exchange or anything of that nature? No problem! You can either buy Bitcoins directly through us at "the right price", sell them on our cryptocurrency platform or even use them on everyday purchases - all this through our mobile app which is currently under development.
DafriBank Crypto welcomes both retail investors who are looking for some financial gains buying Bitcoins and companies looking to use cryptos as an investment tool and payment system! We believe that cryptos are the future and we want to make sure our clients are part of this future!
To sum up:-
Stay tuned for more updates on DafriBank Crypto and don't forget to subscribe to our newsletter so you don't miss anything! Dafri Bank is the first bank in Bahrain that provides a Crypto policy that allows all types of Cryptocurrencies without any fear. The KYC compliant onboarding process is important to fight money laundering.
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