Nasdaq listed AlloyX stablecoin gets in principle approval from Central Bank of Bahrain
AlloyX Group (NASDAQ: AXG), a global leading financial technology firm with its core focus on digital currency payments and asset tokenization announced on January 28th in a press release that the AX Coin, the stablecoin issuer under AlloyX Group (NASDAQ: AXG), received the in-principle approval letter for a stablecoin license issued by the Central Bank of Bahrain (CBB), subject to final CBB approval.
Dr. Thomas Zhu, Co-founder and Chief Executive Officer of AlloyX Group, stated, “We would like to express our gratitude to the Central Bank of Bahrain for its guidance over the past six months. We look forward to launching a compliant stablecoin within the regulatory framework and driving the development of AlloyX Group’s stablecoin ecosystem across the Middle East and Africa (MEA) region and beyond.”
Founded in 2016, AlloyX Group, has dedicated to bridging traditional and decentralized finance by building a secure, efficient and compliant financial infrastructure that provides integrated digital asset solutions for global investors and institutions.
In a LinkedIn post by the company, they noted that Dr. Thomas Zhu, and Xavier George, Managing Director, James Xia, Managing Director and Kelvin Hu, Associate met with H.E. Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, Ministry of Finance and National Economy, alongside H.E. Noor AlKhulaif, Minister of Sustainable Development, Ministry of Sustainable Development, Kingdom of Bahrain and Chief Executive Officer of the Bahrain Economic Development Board (EDB), H.E. Mr. Khalid Humaidan, Governor of the Central Bank of Bahrain, and Ms. Maryam AlAnsari, Undersecretary for National Economy, Kingdom of Bahrain.
Dr. Thomas Zhu, our Co-founder and Group CEO, shared AXG’s vision for supporting Bahrain’s growth as a leading global hub for digital assets, stablecoins, and family offices, and to engage in a constructive dialogue on innovation-led, well-regulated financial ecosystems.
It also noted that the discussion further reinforced their confidence in establishing our global stablecoin headquarters in Bahrain.
Now the company is hiring, Xavier George is looking for key hires in Bahrain, including positions such as Head of Finance and operations, Hear of Reserve, Treasury and FI, Head of Risk, compliance and Legal, as well as stablecoin Product lead.
Central Bank of Bahrain issued its stablecoin regulations back in 2025
In July 2025, After the Central Bank of Bahrain (CBB) issued its consultation paper on stablecoins back in October 2024, it issued the full stablecoin regulation and noted that it will begin offering licenses to stablecoin issuers, custodians, for fiat backed stablecoins that could be either in Bahraini Dinar or United States Dollars or any other fiat currency acceptable to the CBB.
Additionally, the Central Bank of Bahrain is allowing stablecoin issuers to issue yield bearing stablecoins which pay passive returns to its clients only from either interest or rewards ( for Sharia compliant stablecoins) which is earned from the investment of the reserve assets.
Also regulated are sharia compliant stablecoins. However all stablecoin issuers will need to meet requirements set by the Central Bank.
