The Bahrain Financial Improvement Board (EDB) has launched a brand new program to entice extra startups to the nation.
In accordance 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 wanting to do enterprise there.
The brand new initiative will present an expedited entry course of masking visa necessities, residency and enterprise registration processes. It additionally presents steerage from the nation’s incubators and accelerators, in addition to entry to grants and monetary helps.
In its assertion, the EDB lauds Bahrain as a greater place to do enterprise than its neighbors and notes its accepting coverage towards the cryptocurrency and open banking industries. The EDB said:
“The Kingdom’s pioneering, agile and versatile regulatory framework permits it to regulate rising applied sciences – similar to open banking and cryptocurrencies – in a manner different jurisdictions merely can not. Thanks to this, Bahrain has earned a fame because the area’s de facto test-bed for leading edge applied sciences.”
Center Jap nations look to blockchain in pivot away from hydrocarbons
Varied nations within the Center East are competing to grow to be the main tech hub of the realm as financial planning authorities diversify their respective nationwide economies past hydrocarbons like oil and fuel.
The United Arab Emirates has been actively pursuing improvement in blockchain and synthetic intelligence applied sciences. In October, the nation’s Securities and Commodities Authority drafted a decision on regulating crypto belongings, which is able to purportedly present extra readability for crypto-related initiatives within the nation.
In September, the UAE’s Ministry of Well being and Prevention launched a blockchain system for recording and sharing healthcare information.
Dubai launched its Dubai Blockchain Technique 2020, by which it units targets to grow to be the primary “blockchain-powered” metropolis by that yr. As a part of that purpose, the Division of Financial Improvement in Dubai introduced its transfer to a blockchain-based unified enterprise registry platform earlier final month.
In February 2019, the Central Financial institution of Bahrain launched a regulatory sandbox for blockchain companies to experiment and develop new ideas with out worrying about compliance points. That very same month, Shariah-compliant cryptocurrency trade Rain grew to become the primary digital asset trade to full the sandbox.