Bahrain has proposed a series of opportunities to Indian firms as their key market in the fields of blockchain technology, open banking, remittance, and digital assets in an attempt to boost growth in the nation.
Bahrain Economic Development Board (EDB) Senior Manager Dalal Buhejji stated that some Indian firms applied for Bahrain fintech sandbox in December 2018, while EDB further signed an MoU with Maharashtra Govt. to create a framework for the joint promotion of fintech on both markets.
Dalal Buhejji added:
“Central Bank of Bahrain (CBB) has put in the right ecosystem to support growth and innovation. We have seen several new regulations coming out lately to support open banking, crypto asset trade regulation and a draft regulation on robo advisory.”
The Central Bank of Bahrain started the regulatory sandbox to enable crypto and blockchain firms to work on the nation, pending formalized regulation, in February 2019. The Initiative is set to allow firms ‘to test their solution on a limited number of clients, with a limited number of transactions,’ and to expedite new companies entrance in the market.
Following that month, Bahrain Shariah-compliant digital currency exchange Rain first completed the CBB’s Regulatory Sandbox. The exchange passed a Shariah compliance certification, which was headed by a leading Sharia consultancy and audit firm licensed by the Central Bank of Bahrain, the Shariyah Review Bureau.
In January 2019, the University of Bahrain declared that it would issue diplomas on a blockchain as part of an overall digitization strategy for mobile learners. To execute the initiative, the university uses the Blockcerts open standard in collaboration with Learning Machine, a startup providing a system to issue verifiable official records employing a blockchain-anchored format.