Bahrain is becoming increasingly friendly to fintech, including cryptocurrencies and blockchain technology. More and more companies from this market are moving there to expand their businesses. So far, thirty fintech companies have already been approved by the Central Bank of Bahrain (CBB), half of which are crypto service providers, including exchanges. They are now to operate inside the country's regulatory sandbox. Sandbox Four entities were approved this year, and three of them (AT Payments Llc, Zpx Pte Ltd. and Bitcove Bahrain) are crypto service providers. In addition, according to the central bank's 2018 report, 26 companies were approved between the inception of the sandbox and the end of last year. According to the CBB report, by the end of 2018. 35% of the companies approved for the sandbox were cryptocurrency exchanges, and 11% were involved in other crypto services, such as bitmaking and tokenization. When the three companies approved this year are included, the percentage of blockchain companies that have joined the regulatory sandbox reaches 50%. Bahrain's regulatory sandbox allows companies to "test innovative technology solutions relevant to fintech or the financial sector in general," CBB explains. In December last year, the central bank announced that Tarabut Gateway, a subsidiary of Almoayed Technologies, had become "the first company to successfully complete the regulatory stage [in the] sandbox and received CBB confirmation in principle under the regulatory framework of open banking." Bahrain increasingly crypto-friendly Bahrain is trying to attract companies from the cryptocurrency world. In March, media reported that Bahrain's Economic Development Board invited companies from India, for example. Meanwhile, the Reserve Bank of India recently released draft regulations for its sandbox, which excludes crypto companies. Bahrain's central bank also issued a consultation paper on directives for services provided by "cryptocurrency platform operators." It provides "a regulatory framework for the licensing and supervision of cryptocurrency services that are subject to CBB Rulebook Volume 6," the bank explained. The final rules for a range of activities related to crypto assets were published on Feb. 25. "The CBB rules address licensing, governance, minimum capital, control environment, risk management, AML / CFT, standards of business conduct, avoidance of conflicts of interest, reporting and cybersecurity for cryptocurrency services " -described the CBB. Tags Bahrain bitcoin Bitcoins exchanges India cryptocurrencies
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