The Central Bank of Bahrain awarded crypto exchange Binance the green light to operate in the nation today.
The crypto-asset service provider licence represents Binance’s first regulatory clearance in the Middle East. It’s apparently planning to grow its activities in the area, including setting up a headquarters in adjacent Dubai, according to Bloomberg. The exchange has been aiding the Dubai World Trade Centre Authority with the establishment of its crypto regulatory framework.
Bahrain’s crypto-asset service provider licence permits enterprises to offer crypto-asset trading, custodial services and portfolio management to consumers under the supervision of the Bahrain authorities.
Though Binance has experienced regulatory scrutiny from a number of countries, including Japan, Germany and the UK, Bahrain views its Binance certification as a step forward for its regulatory system in supporting innovation.
“Developing laws matched with global trends is a crucial priority for us at the CBB. We continue to engage with partners and industry leaders such as Binance to improve legislation that permit innovation and best practises,” said HE Rasheed Al Maraj, Governor of the Central Bank of Bahrain, in a statement.
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