<p>The Kingdom of Bahrain recently became the first Middle-Eastern country to grant the crypto coin exchange Binance to take up operations within its borders. Bahrain has expressed its interest in the development of the FinTech sector.
</p><h2><strong>Why is Bahrain looking to enter the world of Cryptocurrency?</strong></h2>
Though Bahrain is a Gulf country, it does not enjoy the same levels of oil as its richer neighbors do. In order to lessen this gap, Bahrain diversified into the tourism and banking sectors as well. Due to this, it is one of the first post-oil economies in the Gulf. Its attempt to enter the cryptocurrency market is another way to diversify its economy. Due to its expertise in the financial and banking centers, Bahrain may have an advantage when it comes to adapting to this new-age technology.
<h2><strong>Regulations set by the Central Bank of Bahrain</strong></h2>
To aid them in this journey, the Central<a href="https://indiaforensic.com/fraud-risk-management-in-indian-banks-and-companies/"> Bank</a> of Bahrain drafted a number of regulations and guidelines to help conduct all crypto-asset-related activities in a smooth manner. Any exchange looking to offer crypto-asset-related services would have to undergo rigorous background checks and conform with the various policies. The exchanges would also have to background check their clients, who must compulsorily be above 21 years of age. Anyone looking to deal in crypto assets must register with these exchanges as clients in order to trade. All licensed exchanges will have to adhere to these rules, as well as refrain from manipulating the market for their own gain.

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