Bahrain To Provide Fast-Track Setup Program For Fintech Startups

The Bahrain Economic Development Board (EDB) has launched a brand new program to draw extra startups to the nation.

According to a press launch on Oct. 29, the funding promotion company for the Kingdom of Bahrain has launched a fast-track setup program for startups quest to do enterprise there.

The new initiative will present an fast entry course of protective visa necessities, abidance and enterprise registration processes. It additionally affords steering from the nation’s incubators and accelerators, additionally to entry to grants and medium of exchange helps.

In its assertion, the EDB lauds Bahrain as a greater place to do enterprise than its neighbors and notes its acceptive coverage towards the cryptocurrency and open banking industries. The EDB acknowledged:

“The Kingdom’s pioneering, agile and flexible restrictive framework allows it to regulate emerging technologies – such as open banking and cryptocurrencies – in a way other jurisdictions simply cannot. Thanks to this, Bahrain has attained a reputation as the region’s actual test-bed for cutting edge technologies.”

Middle Eastern international locations anticipate blockchain in pivot away from hydrocarbons

Various international locations inside the Middle East are matched to grow to be the main tech hub of the world as commercial enterprise provision regime diversify their single nationwide economies past hydrocarbons like oil and gasoline.

The United Arab Emirates has been actively following improvement in blockchain and synthetic intelligence applied sciences. In October, the nation’s Securities and Commodities Authority drafted a decision on regulation crypto belongings, which can purportedly present extra legibility for crypto-related tasks inside the nation.

In September, the UAE’s Ministry of Health and Prevention launched a blockchain system for transcription and sharing health care information.

Dubai launched its Dubai Blockchain Strategy 2020, wherein it units targets to grow to be the primary “blockchain-powered” metropolis by that yr. As a part of that objective, the Department of Economic Development in Dubai introduced its transfer to a blockchain-based unified enterprise register platform earlier final month.

In February 2019, the Central Bank of Bahrain launched a restrictive sandbox for blockchain companies to experiment and develop new ideas with out worrying about compliance points. That identical month, Shariah-compliant cryptocurrency trade Rain turned the primary digital plus trade to finish the sandbox.

Bahrain To Provide Fast-Track Setup Program For Fintech Startups

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