The Bahrain Economic Development Council (EDB) introduced a new simplified program to attract more fintech startups to the country.
According to a press release, the investment promotion agency in Bahrain introduced a simplified program to deploy fintech startups seeking to conduct business in the country.
The new initiative, which covers visa requirements and business registration, will provide an accelerated market entry process. The program will provide startups with guidance from Bahrain incubators and accelerators, as well as access to grants and financial support.
In its statement, EDB positions Bahrain as “the best place to do business in the region” and notes that it adopts certain rules regarding the cryptocurrency and the banking industry in an open format. EDB stated:
“Bahrain’s innovative and flexible regulatory framework allows us to regulate new technologies, such as open banking and cryptocurrencies, in ways that other jurisdictions cannot. Thanks to this, Bahrain has earned a reputation as a testing ground for advanced technology in the region. ”
Recall that recently the Algorand platform was certified by the Shariah Compliance Bureau, and in March, the Council for Economic Development of Bahrain invited Indian cryptocurrency firms to take advantage of the opportunities that the country offers. In addition, in February, the Central Bank of Bahrain published new rules for cryptocurrency exchanges and services.