In another blockchain initiative, Bahrain has stepped forward to enhance the technology and expand digital asset innovation across the country. Recently, Bahrain FinTech Bay (BFB), one of the leading fintech hubs in the country, struck a deal with Tether, the largest stablecoin issuer, to promote blockchain adoption, strengthening digital asset education, and bolstering Bahrain’s position as a regional leader in blockchain innovation.
BFB and Tether join hands for blockchain education
The deal between Bahrain FinTech Bay and Tether goes beyond simply fostering digital technology in the country. Both teams have decided to educate people about blockchain technology, support community engagement, and encourage “cooperation between public and private sector stakeholders”. And, this is how the collaboration will help boost the use of blockchain technologies across various sectors in Bahrain.
Key areas of focus
As is evident, blockchain technology has the power to protect and preserve data with high transparency, security, and efficiency. Leveraging this advantage, BFB and Tether aim to expand awareness and knowledge across key areas of the digital asset industry.
- Stablecoins
- Tokenization
- Artificial intelligence
- Digital assets
- Decentralized technologies
Bahrain’s digital asset regulatory framework
Formally known as Crypto-Asset Module (CRA), Bahrain’s digital asset regulatory framework is part of the Central Bank of Bahrain (CBB) Rulebook. The CBB has recently introduced a regulatory framework for “licensing and regulating stablecoin issuers”. This new rule helps the government classify different types of stablecoins, establish clear licensing requirements, distinguish between client assets and the company’s own operational funds, and more.
Bahrain has been at the forefront of blockchain innovation in the Middle East region, with the UAE leading the charge with its comprehensive digital asset framework. Since the expansion of blockchain technology, both countries have been competing to capture the spotlight, forming partnerships, licensing crypto firms, and implementing bold regulatory reforms.
