The Bahrain Economic Development Board (EDB) has reportedly encouraged Indian crypto exchanges to found their bases with support from the government, while the Central Bank of Bahrain (CBB) just passed its final rules on cryptocurrency.

Promoting Crypto Investment in Bahrain

Indian fintech firms are thoroughly upheld in terms areas of “banking, blockchain, crypto assets, robo advisory and remittances,” according to news outlet Economic Times (Mar 3).

In addition, the state contributory efforts have been for the support of certain sectors as well as the advance of working condition in the Gulf state, with the EDB opening new offices in New Delhi and Mumbai withal.

EDB Managing Director Simon Galpin reportedly assured Bahrain’s eager to support not only startups but also scale-ups from leading Indian cities. He further said, “Bahrain is a great test market for companies which want to diversify outside of India.”

Bahrain’s Crypto Regulation

The Central Bank of Bahrain has passed laws on activities relevant to digital assets, encompassing “rules for licensing, governance, minimum capital, control environment, risk management” and so on, reported Trade Arabia (Feb 25).

Additionally, the rules also cover “supervision and enforcement standards including those provided by a platform operator as a principal, agent, portfolio manager, adviser and as a custodian within or from Bahrain.”

State-licensed crypto exchanges are to comply with order matching regulations as well as post-trade transparency with aims to minimize market manipulation and conflicts of interest.

Last year, the EDB and the government of Maharashtra joined forces to enable a cooperative framework for the benefits of fintech sectors from both sides, including “delegation visits, fintech educational programs, and cooperation between startups, financial institutions, government agencies, and universities,” reported local startup community StartUp Bahrain.

Given Maharashtra is one of the most promising destinations to go for crypto jobs, there is no doubt that India and Bahrain has long been in close relation, with significant numbers of Indian businesses operating in Bahrain.