The Bahrain Economic Development Board (EDB) has invited several Indian firms to the country to make use of various opportunities that the country provides including crypto services. The Indian government is on the verge of finalizing its crypto regulation frameworks and collaboration with Bahrain central bank could be the right foot forward.
The Economic Times has recently published a report that says that EDB has invited various Indian companies to set up a base in the country which has very recently released the final rules of crypto use in the country. The articles described the invite as “a plethora of opportunities to Indian fintech firms for open banking, the blockchain, crypto assets, robo advisory, and remittances,”
Bahrain has very good working relations with the Southeast counterparts and the EDB sees India as a breeding ground for technology growth. The EDB has been in constant touch with the Indian government, collaborating on a number of business areas including fintech. At the same time, Bahrain is also focused on improving the working and living conditions of Indian workers in Gulf countries.
EDB has its offices set in the Indian capital Delhi as well as in Mumbai, where they also hosted a road shoe a few months back to attract Indian fintech firms to Bahrain. Simon Galpin, the managing director was quoted,
“We are very keen to tap into not only the early stage startups that are coming out of leading Indian cities but also scale-ups. Bahrain is a great test market for companies which want to diversify outside of India.”
Why Indian Fintech Firms Could Boom In Bahrain
India has become a breeding ground for globalization and major tech giants always have the Indian market in mind before launching a new product. Coming to the cryptocurrencies, Indian central ban had earlier banned the use of crypto in the financial ecosystem. However, with pressure from the budding crypto scene in India and a few petitions to overturn the decisions, the government has decided to finalize the regulatory framework soon.
Bahrain has recently finalized the crypto regulations and is looking for various firms from around the globe to set up its infrastructure in the country. The EDB says there are various benefits for foreign companies who are looking to offer crypto services, those benefits include, “a simplified licensing process for the foreign corporation, taxation incentives, a welcoming environment and unlimited access to Gulf and Middle Eastern markets, It is also looking to create enabling ecosystem for startups, including viable financing options,”
With India set to release the regulatory reforms in the next few weeks as confirmed by the Supreme court, both Bahrain and India can help each other to become the budding ground for crypto service offering firms.