Indeed, the Bahrain country is open for business. According to the source, Bahrain wants to implement a regulatory sandbox into action. However, it is for bitcoin to experiment with blockchain technology.
The site mentioned Rumaihi, “A sandbox regulatory is similar to what Singapore and UK is looking at. We are open for business, not just a talk. We are launching it. Our website and application process is clear”.
The site specified:
“Rumaihi said the Bahrain Central Bank had recently put in place Regulatory Sandbox regulations and as many as four companies had so far applied in this regard. Two of the four had already received approval from the central bank”.
Further Rumaihi adds that the entire industry of finance is in the midst of disrupted by blockchain technology. According to the Bahrain government a new era will be found for personal transaction online. With this regard, Rumaihi hopes his country can develop a thriving blockchain ecosystem.
“Blockchain will unlock so many different possibilities for business in the way email and internet did years ago. What would prevent Bahrain from becoming a leader in this space in the same way Singapore is?”.
Other than Bahrain, it appears that other Middle East and Gulf states plan to create a lavish fintech environment. The UAE and other zone in the area hope to benefit from blockchain and crypto-financial technologies. However, it is in the process of retaining fintech regulators to help the area grow and alleviate with this new technology.