One country in the Middle East is interested in the cryptocurrency market. This country is the Kingdom of Bahrain.
Digital currencies such as Bitcoin, Ethereum, and others are developing around the world. One of the smallest countries in Asia is willing to develop the local crypto market. Across the region, countries are trying to develop various sectors to reduce the dependence on fossil fuels.
In this situation, embracing digital currencies is a great idea.
The Bahrain Economic Development Board (EDB) introduced a new program. Last month on October 29, the state agency explained the purpose of this new program in a press release.
The cryptocurrency market in Bahrain and the UAE
According to the press-release, Bahrain is ready to offer the fast-track setup program for foreign startups. This program will help foreign startups to spend less time dealing with various bureaucratic procedures such as visas, residence business registration processes.
It is important to mention that Bahrain has flexible regulations when it comes to emerging technologies such as cryptocurrencies.
Another important fact is that the state agency did not forget to mention that other countries would find it hard to compete with Bahrain. As mentioned above, the reason is the flexible regulations. Bahrain is the main driving force in the region when it comes to cutting edge technologies.
It is worth mentioning that Bahrain’s governmental organizations are working hard to attract foreign investors. For example, in February 2019, the Central Bank of Bahrain introduced a regulatory sandbox for blockchain companies. The purpose of this sandbox was to help the companies to develop new concepts without any fear of repercussions.
The United Arab Emirates is also trying to attract new investors. In October, the Securities and Commodities Authority drafted a resolution regarding the crypto regulations. These regulations will help interested parties to learn more about the local crypto market.
Bahrain and the United Arab Emirates realized the importance of cryptocurrencies to their economies.