Bahrain Is All Set To Adopt Crypto In A “Big” Way; Grants License To Binance

Bahrain’s Prince Salman bin Hamad Al Khalifa met with Binance CEO ChangPeng Zhao to discuss crypto adoption further.

The world’s largest cryptocurrency exchange, Binance has now been granted the license required to operate within Bahrain by the Central Bank of the country. Binance shall now be eligible to provide services such as crypto trading, portfolio management, and custody to the people of Bahrain.

The crypto exchange platform had been working to establish its foothold in the UAE region for some time now. With the new license being issued from the Gulf Cooperation Council (GCC), Binance marks its first-ever license from the GCC.

ChangPeng Zhao announced this news on Twitter, where he shared a picture of him meeting with Prime Minister Salman bin Hamad Al Khalifa.

“The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world,” quoted Zhao.

This partnership with Bahrain is a milestone in terms of their goal of “being fully licensed and regulated around the world.” being actualized.

Binance Talks Of Bahrain’s Growth and Economic Development Through Crypto Adoption

Zhao highlighted that the Kingdom of Bahrain could have the potential for considerable economic development and growth.

The President of Bahrain also included that the nation’s impeccable business environment and relations would overall cause a competitive edge and growth.

Despite many nations such as U.K and Italy that have banned Binance along with nations like Japan and Hong Kong issuing warnings to the exchange, Bahrain seems to be confident about their decision.

The crypto space in the UAE continues to remain in a nascent stage, however, with Binance starting its operations in Dubai, this is surely a robust start.

Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations. … Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub, said Khalid Humaidan, CEO of the Bahrain Economic Development Board.

Related Reading | Binance Deactivates Accounts Of Its Major Clients In Russia As Part Of EU Sanctions

Although Nascent, UAE Seems To Be Crypto-Friendly

Recently, Binance received its license to operate in Dubai. There had been licensing regulations which included the United Arab Emirates stating clear guidelines to regulate crypto and other digital asset industries which are emerging, in order to safeguard investors.

Even with the same, Dubai has projected itself as a friendlier nation in terms of adopting Web3.

Dubai’s crypto regulations are a lot more pro-crypto and less stifling, this has caused many Indian Web3 and Defi projects to move to Dubai.

With The Reserve Bank of India constantly raising concerns about the technology and passing stringent tax regimes, a lot of budding Defi projects had to move their base to Dubai.

It is also apparently reported that Web3 events held in Dubai were mostly attended by Indians, Russians, and Europeans with the major population being Indians.

A day ago, it was reported that the founders of WazirX, a prominent crypto exchange platform, Nischal Shetty and Siddharth Menon, moved out of India to Dubai. This gives rise to the notion that the UAE could really become the global DeFi hub.

Suggested Reading | EU And Sweden Discussed Banning Bitcoin Proof Of Work: FOI Documents

Featured image from TechCrunch, chart from TradingView.com

• Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.
• Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. FREE ACCESS.
• CryptoHawk. Altcoin Radar. Free Trial.
• Source: https://bitcoinist.com/bahrain-to-adopt-crypto-grants-license-to-binance/