Indian Blockchain Firms invited by Bahrain to Facilitate Fintech Development in Region

According to report by The Economic Times on March, the Gulf nation of Bahrain has invited Indian companies to its fintech sandbox in a bid to facilitate the development of blockchain technology in the region.

A range of opportunities has been proposed by Bahrain to Indian companies as their key markets in the fields of blockchain, digital assets, open banking, and remittances in an effort to boost fintech growth in the country.

Some Indian companies had already applied for the Bahraini fintech sandbox last December, as reported by the Bahrain Economic Development Board’s (EDB) Senior Manager, Dalal Buhejji. In addition to this, the Maharashtra government has also been signed a Memorandum of Understanding by EDB to develop a framework for the joint promotion of fintech in both the markets. Buhejji later conveyed:

“Central Bank of Bahrain has put in the right ecosystem to support growth and innovation. We have seen different new regulations coming out recently to support open banking, crypto asset trade regulation and draft regulation on robo advisory.”

In January, the University of Bahrain announced that it would grant diplomas on the blockchain as part of an overall digitization strategy for mobile learners. The university reportedly employs the Blockcerts Open Standard in partnership with Learning Machine, a startup providing a system to issue verifiable official records using a blockchain-anchored format, to implement the initiative.

The Central Bank of Bahrain (CBB) launched the regulatory sandbox, this febrauary, which allows the companies “to test their solution on a limited number of users, with a limited number of transactions,” as well as to accelerate new companies’ entrance into the market. In addition, it allow blockchain and crypto companies to work in the country, pending formal regulations.

Later in the month of February, Rain, a Bahrain-based cryptocurrency exchange, is the first to have completed the Central Bank of Bahrain’s (CBB) regulatory sandbox and is now in the process of applying for a license as it has passed a Shariah compliance certification for the region. The Shariah compliance certification was completed by Shariyah Review Bureau (SRB) which is licensed by the Central Bank of Bahrain. SRB has reviewed Rain’s brokerage service and has determined that the sale, purchase and custodian activities of Rain comply with Shari’a principles.

This article originally appeared on the CoinTelegraph.

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