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Bahrain Is All Set To Adopt Crypto In A “Big” Way; Grants License To Binance
Bahrain’s Prince Salman bin Hamad Al Khalifa met with Binance CEO ChangPeng Zhao to discuss crypto adoption further.
Muskaan T.
2:10 23rd Apr, 2022
Adoption

The world’s largest cryptocurrency exchange, Binance has now been granted the license required to operate within Bahrain by the Central Bank of the country. Binance shall now be eligible to provide services such as crypto trading, portfolio management, and custody to the people of Bahrain.

The crypto exchange platform had been working to establish its foothold in the UAE region for some time now. With the new license being issued from the Gulf Cooperation Council (GCC), Binance marks its first-ever license from the GCC.

ChangPeng Zhao announced this news on Twitter, where he shared a picture of him meeting with Prime Minister Salman bin Hamad Al Khalifa.

“The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world,” quoted Zhao.

This partnership with Bahrain is a milestone in terms of their goal of “being fully licensed and regulated around the world.” being actualized.

Binance Talks Of Bahrain’s Growth and Economic Development Through Crypto Adoption:

Zhao highlighted that the Kingdom of Bahrain could have the potential for considerable economic development and growth.

The President of Bahrain also included that the nation’s impeccable business environment and relations would overall cause a competitive edge and growth.

Despite many nations such as U.K and Italy that have banned Binance along with nations like Japan and Hong Kong issuing warnings to the exchange, Bahrain seems to be confident about their decision.

The crypto space in the UAE continues to remain in a nascent stage, however, with Binance starting its operations in Dubai, this is surely a robust start.

Team Bahrain has built a world-class infrastructure to support the fast-growing blockchain and crypto industry, with robust regulations. … Collaboration with industry leaders such as Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading business hub, said Khalid Humaidan, CEO of the Bahrain Economic Development Board.

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