Bahrain to Provide Fast-Track Setup Program for Fintech Startups

The Bahrain Economic Development Board (EDB) has introduced a new method to draw in more startups to the state.

In accordance to a push release on Oct. 29, the investment marketing company for the Kingdom of Bahrain has introduced a speedy-keep track of setup application for startups searching to do small business there.

The new initiative will provide an expedited entry approach masking visa prerequisites, residency and small business registration processes. It also offers guidance from the country’s incubators and accelerators, as well as obtain to grants and economical supports.

In its statement, the EDB lauds Bahrain as a better place to do business than its neighbors and notes its accepting plan toward the cryptocurrency and open banking industries. The EDB said:

“The Kingdom’s revolutionary, agile and versatile regulatory framework lets it to regulate emerging systems – this kind of as open banking and cryptocurrencies – in a way other jurisdictions just cannot. Thanks to this, Bahrain has earned a track record as the region’s de facto test-mattress for cutting edge systems.”

Center Eastern nations around the world look to blockchain in pivot away from hydrocarbons

Many nations in the Middle East are competing to come to be the foremost tech hub of the area as economic arranging authorities diversify their respective nationwide economies beyond hydrocarbons like oil and fuel.

The United Arab Emirates has been actively pursuing advancement in blockchain and artificial intelligence technologies. In October, the country’s Securities and Commodities Authority drafted a resolution on regulating crypto property, which will purportedly supply additional clarity for crypto-relevant jobs in the state.

In September, the UAE’s Ministry of Health and fitness and Prevention released a blockchain procedure for recording and sharing health care knowledge.

Dubai introduced its Dubai Blockchain System 2020, in which it sets aims to become the initially “blockchain-powered” city by that yr. As aspect of that purpose, the Division of Financial Development in Dubai announced its shift to a blockchain-based unified enterprise registry platform earlier very last thirty day period.

In February 2019, the Central Lender of Bahrain launched a regulatory sandbox for blockchain companies to experiment and produce new concepts with out stressing about compliance challenges. That same thirty day period, Shariah-compliant cryptocurrency trade Rain became the 1st digital asset exchange to full the sandbox.