Bahrain’s Economic Development Board, a quasi-government agency in charge of economic strategy, investment attraction, and execution of reforms said that besides testing solutions in its central bank’s RS, crypto players can also make the Gulf country a base for expanding their business to the international markets.
The Ministers of Finance of the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait…12 | the publication reaches you by | Bahrain News
The country also offers a range of grants to tech-startups, and also has a zero corporate tax system that makes it attractive for start-ups to set up shop.
David Parker, Executive Director, Financial Services, Bahrain EDB, told BusinessLine that Bahrain wants to invite Indian fintech companies, including crypto players, to facilitate the development of blockchain technology and other financial services, and also to promote the country as a base for fintech players to go international.
“Cryptocurrencies are the future and we can’t ignore that. But I won’t go far to say that Bahrain is a crypto island. We are early adopters and we are cautiously pro-crypto. The CBB has handled this very well, and we have strong anti-money laundering and consumer protection laws,” said Parker, adding that crypto-assets can test their products and solutions for a period of nine to 12 months.
So far, six crypto firms are a part of the RS, and one company, Rain, has already graduated and is awaiting a licence to operate.
Singapore-based crypto and blockchain company Belfrics, founded by Praveen Kumar, is currently a part of CBB’s sandbox.
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