Binance wins the first cryptographic service provider license in Bahrain, a Middle Eastern country.
El exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. de criptomonedas Binance, considered the largest in the world, won a license allowing it to provide cryptocurrency services in the Kingdom of Bahrain (or Bahrain). This is the first licence in the Cooperation Council for the Arab States of the Gulf.
The license was provided directly by theBanco Central de Bahrein.
Such a cryptoassets license will enable Binance provide cryptoasset trading, custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. and portfolio a collection of cryptocurrencies or crypto assets held by an investment company, hedge fund, financial institution or individual. management services to clients under the supervision of Bahrain’s regulators. Now Binance is fully regulated in the oil-rich country and is the first to be licensed in the Middle East.
“Binance has been granted the first license for a global cryptoasset a cryptoasset is any digital asset that uses cryptographic technologies to maintain its operation as a currency or decentralized application. provider in the Cooperation Council for the Arab States of the Gulf (GCC) by the Central Bank of Bahrain.” tuiteó Changpeng Zhao, CEO of Binance.
#TeamBahrain . #Binance has been granted the first license for a global crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) by the Central Bank of Bahrain. pic.twitter.com/Ndnb4xhA5y
– CZ changpeng Zhao (CZ) is the founder of crypto exchange Binance. ???? Binance (@cz_binance) March 14, 2022
Also, in a press release, CZ added: “Bahrain’s license is a milestone in our journey to become fully licensed and regulated regulation is when something is controlled by a specific set of rules. worldwide”. . It is worth remembering that last year was not very good for the exchange, which had problems in several parts of the world, and several countries launched warnings against it, including Malta, the Cayman Islands, Japan, Italy, Brazil, Singapore, the Netherlands, Canada, Germany and the United Kingdom. In September 2021 ceased operations in Singapore.
Even the prince
The key people to enable Binance to get the license were, according to the CEO, “The Bahrain team, guided by the visionary leadership of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister.” In other words, the highest government official is involved in this new challenge of the important exchange.
According to the latest license, Binance can offer services such as trading, wallet a place where cryptocurrency users can store, send and receive digital assets. management and cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. withdrawals for the people of Barhein. In addition, the Central Bank of Bahrain (CBB) granted the license while it was, according to SE Rasheed Al Maraj, governor of the bank, “developing regulations aligned with global trends”.
“We continue to work with partners and industry leaders like Binance to develop regulations that enable innovation and best practice. “added Al Maraj.
Regulation in Bahrain
A diferencia de la mayoría de los países que no regulan las transacciones cripto, Barhein ha adoptado un enfoque diferente a la clase de activos. El banco central del país permite que los intercambios de criptomonedas ofrezcan servicios, al contrario de otros países de Medio Oriente que prohiben las operaciones cripto.
Bahrain Economic Development Board CEO Khalid Humaidan noted:
“Team Bahrain has built a world-class infrastructure to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. the fast-growing Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. and crypto industry, with robust regulations and diverse talent within the financial services, fintech and technology sectors. Collaborating with industry leaders like Binance will further enhance our mission to establish the Kingdom of Bahrain as a leading trading hub.”
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