Official: Bahrain Grants Crypto License to Binance

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The world’s leading exchange, Binance, has finally been approved to render services in the Gulf nation of Bahrain in what’s known, “a historic achievement” for the firm. Binance was permitted to offer trading and custody services to Bahrain citizens by the central bank.

Binance has set its eyes on operating in Bahrain since last year, following the withdrawal of its licensing application in Singapore. The exchange revealed its intentions to remain in the Asian region. Bahrain was the ideal location that sprouted in their minds.

Binance agreed in principle with the country’s financial regulator, the CBB, to set up a base there pending the final approval. CEO CZ expressed his gratitude to PM Salman bin Hamad Al Khalifa for the issuance, saying it represents a major success in their quest to being a fully regulated entity. With this news, Binance becomes the first to have a cryptocurrency approval from a Gulf nation. 

License Mutually Benefits Binance and Bahrain

With a foothold in Bahrain, Binance will help Bahrain drive Web 3.0 and virtual currency adoption. During a meeting between CZ and the PM, the CEO pinpointed the potential of Bahrain, and how the country can achieve economic prosperity. 

Bahrain’s President also highlighted the potential of Bahrain, noting the country’s able business environment would give them a competitive advantage and foster development. Bahrain seems assured about its decision to allow Binance into its fold, even after developed countries like the U.K. banned the exchange from operating within the jurisdiction.

Head of the Economic Development team, Khalid Humaidan, said Bahrain has a stunning structure and flexible regulations to foster the development of the blockchain sector. Collaborating with crypto-leading firms like Binance will help it achieve its aim of making Bahrain a leading crypto hub in Asia and globally.

How Crypto-Friendly is the Gulf Region?

Despite the nascence of virtual currencies, the Gulf region seems to be crypto friendlier than other regions and countries globally. It isn’t to say the region has no clear regulatory guidelines for digital currencies. 

A nation like Dubai has presented itself as the most crypto-friendly nation in the Emirates. Not long ago, it granted Binance approval to operate within its jurisdiction. Dubai also has friendly regulations for Web3 adoption. 

Compared to Dubai, India has one of the most stifling regulations globally. The country recently enacted tax laws and other stringent laws impacting innovation. These have forced many prospective DeFi and Web 3.0 projects to countries like Dubai, South Korea, and Singapore.

It was recently discovered that WazirX, a popular Indian exchange, has relocated to Dubai. It further confirms that UAE’s mission to become a global blockchain haven isn’t far from reality. 


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