Bahrain to Allow Crypto to Regain Middle East Finance Hub Status - Bloomberg:
Bahrain, once the Middle East’s hub for financial industries, is attempting to regain its footing by allowing companies using cryptocurrency to work in the country on a trial basis, as it considers how to regulate them.
Dalal Buhejji, business manager at Bahrain’s Economic Development Board, said she is confident that the central bank will issue regulation, without specifying a timeline. The central bank said it previously issued a consultation paper on draft regulations for crypto-asset platform operators.
The country’s attempt to attract companies focusing on blockchain technology and cryptocurrency trading comes as the sector remains largely unlicensed and unregulated in major global financial hubs. That’s forcing adopters to seek clarity from smaller jurisdictions that have been more open to regulating the market such as Malta, Liechtenstein, Gibraltar.
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