The Economic Development Board of Bahrain is inviting Indian companies to take advantage of the opportunities offered by their country, including cryptography companies. The board has been collaborating with the government of India on several issues. The Central Bank of Bahrain recently published its final rules on active crypto.
Indian companies invited to Bahrain
“The Bahrain Economic Development Board (EDB) invited companies from India to establish a base in their country by providing” a plethora of opportunities to Indian fintech companies for open banking, blockchain, crypto asset, robbery advisory and remittances”.
As the public agency responsible for attracting investment in Bahrain, the EDB has been collaborating with the government of India in various business areas, as well as improving the conditions of Indian workers in the Gulf state, the publication said. The EDB has established offices in New Delhi and Mumbai. Noting that India is a key market for his country, EDB CEO Dalal Buhejji said the board held a road show in Mumbai to attract financial technology companies in December last year. The general director of EDB, Simon Galpin, was quoted as saying:
We are very interested in taking advantage of not only the early stage startups that are emerging from the main cities of India, but also the extensions. Bahrain is a large test market for companies wishing to diversify outside of India.
Bahrain Enforcement Regulation
The Central Bank of Bahrain (CBB) announced on February 25 that it had issued the “final rules on a series of activities relevant to crypto-assets”, Trade Arabia reported, which details:
CBB cryptographic asset rules refer to licensing, governance, minimum capital, control environment, risk management, AML / CFT, business conduct rules, conflict of interest avoidance, reporting and cyber security for services of cryptographic assets.
In addition, the publication detailed that the rules “also cover the rules of supervision and compliance, including those provided by a platform operator such as principal, agent, portfolio manager, adviser and as custodian within or from Bahrain.” Companies licensed by the central bank, including cryptography. Exchanges should also follow the “relevant rules for matching orders, pre- and post-trade transparency, measures to avoid market manipulation and market abuse, and conflicts of interest”.
Benefits for Maharashtra and Indian companies
The EDB explained that there are many advantages for companies moving to Bahrain, such as “a simplified licensing process for foreign corporations, tax incentives, a welcoming environment and unlimited access to the Gulf and Middle East markets”, Outlook wrote. India. The board added that “it also seeks to create an enabling ecosystem for new businesses, including viable financing options,” the media reported.
In December last year, the government of the Indian state of Maharashtra signed a memorandum of understanding with the EDB to provide a framework for cooperation to promote the financial technology sector in both countries. According to the agreement, the two governments “will collaborate to encourage visits by delegations, fintech educational programs and cooperation between new companies, financial institutions, government agencies and universities”, described Startup Bahrain.
Maharashtra is home to some of the best cities in India for cryptography jobs. Recent data from the job listing site In fact, it shows that Pune, the second largest city in the state, ranks second in the number of cryptography jobs, just behind Bengaluru. Mumbai, the state’s largest city, ranks seventh this year. The Hindu Business Line reported in November that “India and Bahrain have a long economic and commercial relationship,” noting that “a lot of Indian companies have already established operations in Bahrain”.
Also published on Medium.