The largest cryptocurrency exchange in the world, Binance, has been provided with a fantastic opportunity to provide crypto-related services in Bahrain crypto-friendly nation in the Middle East. Now Binance will be able to provide different services of regulated cryptocurrency to the citizens of Bahrain.
According to the current news of cryptocurrency, the crypto exchange Binance has been awarded the license for providing crypto services to the citizens of the state of Bahrain by the Central Bank of Bahrain. This news has definitely surprised the entire nation for sure.
Bahrain was actually able to issue the particular license with the help of the Cooperation Council for the Arab States of the Gulf or the GCC. CEO of Binance Changpen Zhao took to his Twitter account in order to make the announcement. The crypto-asset service provider license was awarded to Binance on the 14th of March.
With the help of the new license, Binance will be able to offer different crypto services to Bahraini people. The crypto services include custody, portfolio management, trading. Hence, customers of Binance will be added from the smallest economy of the Middle East as well.
It was just last December when Binance actually received the in-principal approval from Bahrain’s Central Bank to operate in the state. Now, after all this time, the approval has transformed into an official license.
According to the governor of the Central Bank of Bahrain, HE Rasheed Al Maraj, the bank was actually in the process of developing different regulations that are aligned with all the global trends. The reason for providing the license to Binance is to ensure that Bahrain is able to appreciate innovation and safe practices of activities related to cryptocurrency.
This service provider license will allow Binance to effectively continue the expansion efforts that it has across different global jurisdictions while also complying with different local regulations. Last week, CZ stated that he wanted Binance to “identify and invest in” traditional businesses in every economic sector worldwide with the express intent of tying them into cryptocurrency.
Bahrain Is One of The Most Crypto-Friendly Nations in Middle East
Despite the size of Bahrain is small when compared to other nations, it is definitely been one of the biggest aids to the world of crypto. In fact, Bahrain is considered to be one of the countries that are the friendliest towards cryptocurrency in the entire Middle East for sure.
The CBB actually managed to successfully have a trial of the crypto payment system Onyx that was developed by JP Morgan. It was reported by Cointelegraph on the 10th of January that using crypto-based payment systems will help the CBB address what governor Al Maraj called “existing inefficiencies in the traditional cross-border payments industry.”
Landing licenses to operate in each region will certainly help crypto exchange Binance achieve its goals in that respect. Its most recent notable acquisition was news media publisher Forbes last month for the princely sum of $200 million.
The CBB’s move also arguably puts the country ahead of Dubai as the region’s crypto hub. Bahrain’s financial crypto regulations are certainly ahead of those in Dubai, which does not yet allow crypto exchanges to offer services to its residents.
However, CEO of Bahrain-based crypto exchange CoinMENA, Talal Tabbaa, told CNN in February that although the central bank has more advanced crypto regulations now, “If banking was sorted, then Dubai could be the number one destination for crypto.”
According to the Current news of cryptocurrency, the banking issue that is prevailed in Dubai might just be sorted in the current year. The Prime Minister of United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum has managed to create a proper and legal framework that will be used for cryptocurrency regulation in Dubai.
According to data from Cointelegraph, the Prime Minister mentioned that this particular framework will be revolutionary in protecting the investments of the people and also aid in increasing crypto performance for sure.
Also Read: Thailand grabs the attention of Binance for the expansion in cryptocurrency exchange
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