Bahrainis will soon be able to use the world’s largest crypto exchange to access a variety of regulated crypto services.
Binance, a cryptocurrency exchange, will offer fully regulated services to its first Middle Eastern country. This is due to the central bank of Bahrain issuing a license.
Binance’s Full License
The Cooperation Council for Arab States of the Gulf was able to grant the license to Bahrain (GCC). Bahrainis will soon be able to access a number of regulated crypto services through the world’s largest crypto exchange.
Binance’s new license lets it to provide crypto services to customers in the Middle East’s smallest economy. It includes trading, custody, and portfolio management. Binance gained in-principle authority to operate in Bahrain in December, and that clearance was recently upgraded to a complete license.
HE Rasheed Al Maraj is the governor of Bahrain’s Central Bank (CBB). According to him, the bank is creating laws that are in line with worldwide trends. It promotes best practices and innovation.
With the license, Binance will be able to continue its global expansion plans while abiding to local regulations.CZ remarked last week that Binance should “find and invest in” established enterprises in every economic area around the world. It’s for the purpose of tying them to cryptocurrency.
Bahrain: A Crypto-friendly Country
Bahrain is one of the Middle East’s most crypto-friendly countries. This is despite its small size in comparison to other countries in the area, or perhaps because of it. The CBB successfully tested JP Morgan’s Onyx cryptocurrency payment system in January.
The CBB will be able to address “current inefficiencies in the traditional cross-border payments business” by using crypto-based payment methods, according to governor Al Maraj.
Obtaining operational permits in each region will surely help Binance meet its goals in this area. Forbes, a news media company, was the company’s most recent major acquisition. It made for the princely sum of $200 million earlier this month.
The CBB’s decision also puts the country ahead of Dubai as a regional crypto powerhouse. Bahrain’s financial crypto legislation is far ahead of Dubai’s, which still forbids crypto exchanges from providing services to residents.
Talal Tabbaa is the CEO of Bahrain-based cryptocurrency exchange CoinMENA. According to him, the central bank now has more sophisticated crypto regulations. However, if banking issues are resolved, Dubai might become the leading crypto destination.
Dubai’s banking crisis could be resolved this year. Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the United Arab Emirates (UAE), established a legal framework for cryptocurrency in Dubai. The framework, according to the paper, will protect investors and develop “much-needed worldwide norms” for crypto industry governance.