Manama, May 30 (BNA) The Government of Bahrain has welcomed the decision of the Central Bank of Bahrain to issue a Tier 4 license to Binance Bahrain as a crypto asset service provider, the first of its kind in the Kingdom, allowing the exchange to provide the full range of cryptocurrency exchange services available in Bahrain. .
The approval of the Class 4 license is a significant upgrade from the initial license granted to Binance in March of this year, the first of its kind for the company in the GCC.
In addition to the rights to provide cryptocurrency trading, custodian and portfolio management services in the Kingdom, the new services that will be available on the authorized Binance platform include:
• Instant Trading
• Initial Coin Offering
• Initial exchange offering
The Central Bank of Bahrain, as the only regulator in the Kingdom, will ensure that service providers comply with stringent requirements related to money laundering and terrorist financing, in order to protect users of the platforms and services. It has an effective regulatory framework applicable to all financial services entities operating in Bahrain, whether they provide crypto services, or those operating within the activities of conventional banking, insurance, investment and capital markets.
The CEO of the Bahrain Economic Development Board, His Excellency Khalid Humaidan, said:
International demand for crypto services remains strong, and the approval of the license confirms Bahrain’s position as a leading hub for cryptocurrency exchange services, not only in the region but globally.
“Complementing the Kingdom’s well-established and reliable global infrastructure to support the blockchain and cryptocurrency industry is a young, enthusiastic, well-educated and talented workforce – with skills ready for the jobs of the future.
“Projects such as Bahrain’s Fintech Bay and the Citi Global Technology Hub present exciting new opportunities for the Kingdom, and government reforms are creating an environment in which businesses and talent thrive, in a truly diversified economy. The growth of regulated crypto services in Bahrain fully aligns with the Kingdom’s confidence, ambition and vision.”