Bahrain Courts Indian Crypto Businesses in Collaboration With Government
The Bahrain Economic Development Board is welcoming Indian companies to take advantage of the chances its nation needs to provide for crypto companies. The board has actually been collaborating with the Indian federal government on a number of issues. The Central Bank of Bahrain just recently published its last guidelines on crypto assets.
Indian Companies Invited to Bahrain
The Bahrain Economic Development Board (EDB) has actually invited Indian companies to set up base in its country by providing “a variety of chances to Indian fintech companies for open banking, blockchain, crypto assets, robo advisory and remittances,” The Economic Times reported Sunday.
As the public agency accountable for investment into Bahrain, the EDB has been collaborating with the Indian federal government on a number of business locations as well as enhancing the conditions of Indian workers in the Gulf state, the publication detailed. The EDB has actually established workplaces in New Delhi and Mumbai. Keeping in mind that India is a key market for his country, EDB Senior Manager Dalal Buhejji said that the board held a roadshow in Mumbai to attract fintech business in December last year. EDB Managing Director Simon Galpin was quoted as saying:
We are very keen to tap into not only the early stage startups that are coming out of leading Indian cities, but also scale-ups. Bahrain is a great test market for companies which want to diversify outside of India.
Bahrain’s Crypto Regulation
The Central Bank of Bahrain (CBB) announced on Feb. 25 that it had issued the “final rules on a range of activities relevant to crypto-assets,” Trade Arabia reported, elaborating:
The CBB crypto-asset rules deal with the rules for licensing, governance, minimum capital, control environment, risk management, AML/CFT, standards of business conduct, avoidance of conflicts of interest, reporting, and cyber security for crypto-asset services.
Furthermore, the publication detailed that the guidelines “also cover supervision and enforcement requirements consisting of those offered by a platform operator as a principal, agent, portfolio supervisor, consultant and as a custodian within or from Bahrain.” Companies certified by the central bank consisting of crypto exchanges will also need to follow “rules pertinent to buy matching, pre and post-trade openness, measures to avoid market control and market abuse, and disputes of interest.”
Benefits to Maharashtra and Indian Companies
The EDB explained that there are numerous benefits for companies relocating to Bahrain such as “a streamlined licensing process for foreign corporation, tax rewards, an inviting environment and limitless access to Gulf and Middle Eastern markets,” Outlook India wrote. The board added that “It is also aiming to develop enabling ecosystem for startups, including feasible financing alternatives,” the news outlet conveyed.
In December last year, the government of the Indian state of Maharashtra signed a memorandum of understanding with the EDB to offer a cooperative structure to promote the fintech sector in both nations. Under the contract, the 2 federal governments will “collaborate in motivating delegation visits, fintech educational programs, and cooperation between startups, financial institutions, federal government firms, and universities,” Startup Bahrain described.
Maharashtra is the residence to some of India's best cities for crypto jobs. Recent data from job listing site Indeed shows that Pune, the second largest city in the state, ranks second for the variety of crypto tasks, behind just Bengaluru. Mumbai, the largest city in the state, ranks seventh this year. The Hindu Business Line reported in November that “India and Bahrain have a longstanding financial and trade relationship,” noting that “A large number of Indian companies have currently established operations in Bahrain.”
What do you think of the Indian government collaborating with Bahrain? Do you think Indian crypto businesses should set up base in Bahrain? Let us know in the comments section below.
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