Bahrain is one of the smallest countries in Asia; the only Maldives and Singapore are smaller than in Bahrain. Nevertheless, this Middle Eastern country has a promising digital currency market. This is very important for Bahrain as well as for other countries in the region.
Crypto-related businesses are one of the best solutions when it comes to reducing the dependence on the oil and gas sectors. Bahrain step-by-step is developing the cryptocurrency market and by the end of October introduced a new program.
The Bahrain Economic Development Board presented a new program which should help to attract more startups. On October 29, this agency prepared a press-release. Based on the information from this press-release, the Kingdom of Bahrain is ready to offer numerous advantages to startups.
Regional development and the digital currency market
The purpose of this program is to offer a fast-track setup program for startups that are willing to enter the local market. Thanks to this initiative, foreign startups will spend less time dealing with various bureaucratic procedures such as visas, residence business registration processes.
It is important to mention that the Economic Development Board, in its statement, underlined the attractiveness of local regulations. The EDB stated that Bahrain has flexible regulations regarding emerging technologies such as cryptocurrencies.
In its press release, the state agency mentioned that other countries wouldn’t be able to compete with their regulatory framework. Also, according to this press-release, Bahrain is the main driving force in the region when it comes to cutting edge technologies.
Several months ago, 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. Such projects help to make Bahrain a regional leader and to develop the digital currency market.
Bahrain is not the only one in the Middle East which is actively implementing cryptocurrencies in everyday life.
Another country is the United Arab Emirates. Last month, 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 and corresponding rules.