In this topic we are talking about cryptocurrency companies to find credibility in Bahrain. The foundation of fintech companies, cryptocurrency – led firms, and Bitcoin to have regulatory sandbox in Bahrain. Also we are talking about Belfrics to have sandbox lice
The foundation of fintech companies in Bahrain
Bahrain has an interest in Bitcoin and cryptocurrency such as many countries. The government of Bahrain wants to be on the way of fintech companies. It wants to promote these companies from all round the world, and make them with world – class infrastructure to set shopping centers in the country.
Cryptocurrency- led firms in Bahrain
Bahrain has a list of fintech companies. Also this list will have cryptocurrency led firms, and these firms want to make a right infrastructure in Bahrain. Fintech Bay will give them the workforce, and consequently this thing will be an advantage for them. This advantage includes taxation in a low rate, and the infrastructure that is cheap in the country.
Bitcoin to have regulatory sandbox in Bahrain
Bahrain has an interest to have a regulatory sandbox. It is for Bitcoin to be with blockchain technology. Khalid Al Rumaihi, executive of the Economic Development chief in Board Of Bahrain said that Bahrain has an interest in Blockchain field. He said that the country can put out bonds concerning digital currency. Also he showed that this regulatory sandbox is similar to one in Singapore, and the UK. This regulatory sandbox have launched, and it is in action. The website, and the application process is obvious, and the country is open for business. The General Bank Of Bahrain has done this regulatory sandbox to investigate the interested organizations ability. After the authorities agreement, these companies will have the registration in Bahrain. After the registration is happened, the Fintech Bay will set up the company.
The legality of cryptocurrency in Bahrain
Bahrain government official talked about the legality of cryptocurrencies in the Central Bank. He said that in Bahrain cryptocurrency is like an article, and it can be in the exchanges trade. Also he said it is not a legal trend in the country. The companies that have the regulatory sandbox are seven, and four of them are cryptocurrency exchanges. They will see these exchanges, and determine the needed rules to regulate them.
The Fintech Bay in Bahrain
Khalid Saad, the Chief Executive Officer in the Fintech Bay in Bahrain said in a talk in Entrepreneur India that the organization is available for participants. Also it is discovering a group of partinerships with hubs from all over the world. The distinguished one is in the Fintech valley in Vishakhapatnam, India. Also he shows that they want to set up the appropriate ecosystem, and to know the possibilities. There is a remain thing, and this thing is that many cryptocurrency companies have the vision to see Bahrain as the profitable place. The place to have credibility through the registration in the Central Bank Of Bahrain.
The Central Bank Of Bahrain gave Belfrics the sandbox license
The Central Bank Of Bahrain gave Belfrics Global the sandbox licence to open and run a cryptocurrency exchange. It is the first company to have an official authorization. This authorization to have a cryptocurrency exchange is in the Arabian Gulf. This company will be the first not only in the Arabian Gulf but also in the Middle East , and North Africa.
Belfrics Global welcomes with the sandbox licence in Bahrain
Belfrics Global is a bitcoin technology provider based out of Malaysia, and the operation in India.Mr. Praveen Kumar Vijayakumar, the Belfrics Chairman and CEO have a welcome with the sandbox licence in Bahrain. He said that this thing will provide the access to $ 50 billion digital transaction market in the MENA region. Also he shows that it is the one of many licenses targeting in 2018.