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  • CRA-4.6 CRA-4.6 Marketing and Promotion

    • CRA-4.6.1

      In all advertising and marketing materials, licensees and any person or entity acting on its behalf, must not, directly or by implication, make any false, misleading, or deceptive representations or omissions.

      Added: April 2019

    • CRA-4.6.1A

      Licensees must ensure that all advertising and marketing materials adhere to the principles of fair competition. While comparative advertisement in product or service promotion is acceptable, the intent and connotation of comparative advertisement should be to inform and never to discredit or unfairly target competitors, competing products or services.

      Added: April 2023

    • CRA-4.6.2

      Licensees must not advertise its products, services, or activities in the Kingdom of Bahrain without including the name of the licensee and a statement that the licensee is "Licensed by the CBB as a crypto-asset service provider (Licensing category-...)".

      Amended: April 2023
      Added: April 2019

    • CRA-4.6.3

      Licensees must not make use of the name of the CBB in any promotion in such a way that would indicate endorsement or approval of its products or services.

      Added: April 2019

    • CRA-4.6.4

      [This Paragraph was deleted in April 2023].

      Deleted: April 2023
      Added: April 2019

    • CRA-4.6.5

      Licensees, at a minimum, must make the following information available on its website:

      (a) The services being offered;
      (b) Its trading and operational rules as well as admission and removal rules and criteria;
      (c) Its admission and trading fees and charges, including illustrative examples of how the fees and charges are calculated, for ease of understanding by clients;
      (d) The relevant material information for each crypto-asset, including providing clients with access to up-to-date whitepaper or information, and providing clients with material information as soon as reasonably practicable to enable clients to appraise the position of their investments (for example, any major events in relation to a crypto-asset or any other material information);
      (e) The rights and obligations of the licensee and the client;
      (f) Arrangements for dealing with settlement failures in respect of transactions executed on its platform;
      (g) Detailed documentation of market models, order types as well as deposit and withdrawal processes for fiat currencies and crypto-assets;
      (h) Where applicable, client’s liability for unauthorised crypto asset transactions;
      (i) Client’s right to stop transfer of a preauthorised crypto-asset and the procedure for initiating such a stop-transfer order;
      (j) Circumstances under which the licensee may disclose the client’s confidential information to third parties, including regulators;
      (k) Client’s right to prior notice of any change in the licensee’s rules, policies and terms and conditions;
      (l) Dispute resolution mechanisms, including complaints procedures; and
      (m) System upgrades and maintenance procedures and schedules.

      Licensees must, as soon as practicable thereafter, publish any revisions or updates on its website and circulate them to the users of its platforms, identifying the amendments which have been made and providing an explanation for making them.

      Added: April 2023

    • Promotion

      • CRA-4.6.6

        Licensees must ensure that all the following requirements are met with regards to promotion of products or services:

        (a) They do not involve a breach of Bahrain law or any other relevant applicable law, rules or regulation;
        (b) All documentation concerning promotions is in a language that clients can fully understand;
        (c) Clients to whom promotions are directed must have equal opportunity in terms of access and treatment;
        (d) The communication concerning promotions must be clear, concise, truthful, unambiguous and complete to enable clients to make a fully informed decision;
        (e) Where the promotion involves communication of earnings potential or benefits associated with the products or services promoted, all costs, charges or levies and risks are also disclosed; and
        (f) Licensees using social media platforms as a medium of promotion must provide a reference or link to more comprehensive information available elsewhere.
        Added: April 2023