Indian crypto experts to test solutions in a Regulatory Sandbox (RS) of the Central Bank of Bahrain (CBB). Products and solutions can be tested for up to nine to 12 months through crypto-assets. RS is launched earlier this year.
Helping blockchain and cryptocurrency companies for testing their solutions on a digital-savvy population of Bahrain is a purpose of the RS launch. Various grants are provided to tech-startups. A zero corporate tax system is there for startups.
Bahrain Economic Development Board (EBD) is a quasi-government agency who looks after the economic strategy, investment attraction, and execution of reforms. The Executive Director and Financial Services at EBD David Parker said, “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.”
Bahrain is all about to invite Indian fintech companies and Indian crypto experts. The blockchain development will be facilitated. Not only this development will be facilitated, but the development of other financial services will also be facilitated.
Six crypto companies took part in RS of CBB until now. Belfrics is a crypto and blockchain company located in Singapore. Praveen Kumar set up the company. The company also took part in RS. Rain is a crypto trading platform who has graduated. It is now waiting for a license to work further.
CBB was set up in 1973. It was set up as an agency called Bahrain Monetary Agency. Monetary policy implementation, banking sector supervision & regulation, acting as the fiscal agent of the government, Bahrain growth encouragement as a huge financial center at the global level, and foreign currency cash management are the responsibilities of CBB, according to the Wikipedia page of Central Bank of Bahrain.
Indian crypto experts have a chance to make the Gulf country a base along with testing the solutions. Business can be expanded globally through the base, the Hindu BusinessLine reported.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]