Despite being the Gulf’s smallest country, Bahrain is one of the Middle East’s most forward-thinking pioneers in the cryptocurrency sector, having been one of the region’s early users of the technology.
Coincidentally, Binance Holdings Ltd. has received in-principle approval from Bahrain’s central bank to operate as a crypto-asset service provider in the nation, according to a company release.
Changpeng “CZ” Zhao, the CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, claimed that the business is now moving through the whole registration process, adding that the project would be completed “in due course.”
“The Central Bank of Bahrain has demonstrated leadership and forethought in addressing crypto as a future asset class. I am grateful for the support from the Central Bank of Bahrain and the broader Bahrani ecosystem during the process. The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”
Furthermore, Abdulla Haji, the country’s central bank’s licensing director, indicated that after Binance has met the legal conditions for establishment, the licensing procedure will be “a matter of formalities.” During his speech, he called the Kingdom “the ideal location” for the exchange to locate its regional headquarters.
The Gulf country has been a forerunner in the usage of digital assets; in 2019, Rain Financial Inc. became the region’s first licensed crypto-asset platform, after receiving approval from the Kingdom’s central bank to commence operations in the nation.
This was followed by CoinMENA, which was granted a new license early this year by Bahrain’s monetary regulators.