The world, in general, has witnessed a surge in the desire for cryptocurrencies. Many countries are already seeking ways to regularize the use of such currencies and Fintech companies have helped to ease the acceptance of the currencies. Bahrain is following suit as it does not want to be left out of the crypto revolution.
Bahrain’s Fintech bay will prove to be a huge attraction for crypto companies from all around the world. The government states that although it is not accepting cryptocurrencies as legal tender it is seen as a commodity that can be traded as a commodity.
The step by Bahrain will be a boost for their economy as there will be a need for workforce and the country has set aside the bay as the workspace for companies coming to trade in cryptocurrencies.
The government will be involved in easing the operations of the companies. The bay will be the point of interaction between the government and the private sector.
The Bahrain government is also putting things in place for sandbox regulation. These regulations will be put in place by the country’s Central Bank.
The regulation will be to ensure that only approved Fintech companies that have met all the requirements will operate in the country.
Another sweetener to the invitation is the low tax rate in the country. This will attract a lot of fintech companies.