Swiss cryptocurrency firm X8 obtains Islamic finance certification

Swiss-based cryptocurrency firm X8 has been certified for Sharia compliance by Islamic scholars as it prepares to launch operations in the Middle East.

The Shariyah Review Bureau (SRB), an advisory enterprise regulated by Bahrain’s central bank, has certified X8 AG’s X8C stablecoin as a sharia-compliant digital currency.

Several fintech firms are integrating their technology into the field of Sharia-compliant finance, with regulators and financial exchanges in the Middle East region keen to attract new business and encourage innovation in the sector.

“The Gulf region is a really good place for financial technology companies, because they all want to become hubs for fintech.” She added that the firm would be setting up a new office this month, making it easier to perform their role. Luckily, the regulators have been incredibly welcoming for the fintech industry, giving them an easy opportunity to get involved,” X8 co-founder and current director Francesca Greco said.

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