How Bahrain Crypto Market Pilot Can Accelerate Blockchain Startups?


22 February 2019


How Bahrain Crypto Market Pilot Can Accelerate Blockchain Startups?

An exclusive interview with Bahrain based French leading Entrepreneur Irina Duisimbekova


February 22, 2019, | AtoZ Markets - Recently, the editors of AtoZ Markets covered an article about Bahrain’s crypto regulation pilot.

Since, the Bahrain's government wants to determine how to regulate cryptocurrencies and open doors to the blockchain sphere.Established in February 2019, the Bahrain FinTech Bay already attracted over 30 companies that are dealing in the blockchain, cryptocurrency, digital payments, and financial technologies. Also, the Central Bank representatives noted that it had already issued a draft of rules for crypto asset platform operators.

Bahrain Was Already interested in Crypto for Many Years

Bahrain, located on the archipelago in the Persian Gulf in South-West Asia, has long shown interest in bitcoin and cryptocurrencies. The government of the country expects to assume the role of the leader in the field of cryptocurrency innovations. The head of the Bahrain Economic Development Bureau (EDB Bahrain), Khalid Al Rumaihi, said that the country has long been interested in the blockchain sector. He hopes that Bahrain will be able to issue bonds pegged to digital currencies. Moreover, the local press reported that:

“Other Gulf countries have announced plans to develop a regional fintech ecosystem. For example, the free financial zone Abu Dhabi Global Market (ADGM), located in the UAE, announced the creation of a fintech regulator and the signing of agreements with a number of players in the space. ”

Interview: Why Bahrain's Crypto Regulation Pilot Is a Game Changer?

To have a clearer picture of the crypto market developments in Bahrain, AtoZ Markets team interviewed Irina Duisimbekova. She is the co-founder of Cryptoxygen, a crypto exchange which sealed a partnership with the hardware manufacturer Thomson Computing. The company plans to open a branch in Bahrain, and understands why this country has the potential to become a blockchain hub. AtoZ Markets' editor, Maya Mandz had the following conversation with Irina Duisimbekova, who lived in the Kingdom Bahrain for over 17 years and presently being the most active woman in the French-Bahraini commercial relations:

 Irina Duisimbekova Katrangi @reuters

Maya Mandz: Bahrain plans to regain its position in the financial markets and has now allowed crypto related companies to work in the country on a trial basis. As the country needs learn and determine on the regulation of these digital assets. Do you think that this is the right move of the government of Bahrain?

Irina Duisimbekova: “Yes, it is. Especially, through its FinTech and blockchain programs, Bahrain wants to become in a short time the regional hub of technology. Attracting talents and startups from all around the world.”

Maya Mandz: How does Bahrain's crypto regulation pilot impact the overall business sector of the country?

Irina Duisimbekova: "Already several local incubators have been launched, attracting and supporting technological innovations and investors through the synergy and international network. All these startups and new investors highly use local services and support, which is boosting the service industry in Bahrain. Additionally, through the geographical location as well the series of international agreements, such as FTA or GAFTA, Bahrain offers a real international presence in the sector and in the market."

Maya Mandz: Does this development in Bahrain open new doors for Cryptoxygen?

Irina Duisimbekova: “Indeed, we are very keen to discuss with all FinTech actors and authorities (CBB, Fintech Bay, EDB,..) to see possible synergies to set up our branch here, taking into account that we have been living here for last 17 years and doing business. Cryptoxygen being 50% partner of the French Group Thomson Computing, we definitely encompass a vision of cooperation between Station F, for example, and its startups with potential Bahrain development through Cryptoxygen. We have always been the major actors of the French Bahraini cooperation.”

Maya Mandz: Do you recommend FinTech startups to open a business in Bahrain?

Irina Duisimbekova: "This development, of adding crypto regulation, marks another step in Bahrain's government program to reinforce the business sector in the country. Therefore, it makes the kingdom highly attractive for new technologies and foreign investors. This proactive approach of the Bahrain government also leaded us to build locally already four companies! Since the business environment for startups are very friendly, as there are no corporate or income tax, simple registrations through one stop shop, EDB Bahrain support, Tamkeen financial support programs coupled with the local talents, it is a great place for any FinTech startup!"


Latest News

China-Australia rift deepens as Beijing tests overseas sway

Nov 18, 2019

CANBERRA, Australia — Australia’s ban on Chinese telecoms giant Huawei’s involvement in its future 5G networks and its crackdown on foreign covert interference are testing Beijing’s efforts to project its power overseas. In its latest maneuver, China sent three scholars to spell out in interviews with Australian media and other appearances steps to mend the deepening rift with Beijing _ a move that appears to have fallen flat. In a recent press conference at the Chinese Embassy in Canberra, Chen Hong, the head of Australian studies at East China Normal University, accused Australia of acting as a “pawn” for the...

Fijian leader urges Australia to do more on climate change

Nov 18, 2019

CANBERRA, Australia — Fiji's prime minister used a state visit on Monday to urge Australia to take more ambitious actions to slash greenhouse gas emissions, a month after differences on climate change policy created anger and frustration at a forum of Pacific island leaders. Voreqe Bainimarama, who was Fijian Military Forces commander when he seized power in a 2006 coup, said in a speech at the Australian Defense College that he hoped Fiji and Australia could "find more common ground" on climate change. "The steady deterioration in the state of the only planet we have means that we all need...

New Zealand gun buyback exposes emotions, possibly hustlers

Nov 18, 2019

WELLINGTON, New Zealand — Some New Zealand gun owners are upset they're being compelled to hand over their assault weapons for money. Others believe a government-imposed ban on certain semi-automatics following a March shooting massacre is the best way to combat gun violence. And The Associated Press has found that at least one man may have tried to swindle hundreds of thousands of dollars from the system set up to compensate gun owners. New Zealand is six weeks into an ambitious program to buy tens of thousands of guns from owners across the country. After a lone gunman killed 51...

New Zealand parliament speaker soothes baby as debate rages

Nov 18, 2019

WELLINGTON, New Zealand — The man who presides over New Zealand's parliament has been called a baby whisperer. He was in action again this week, gently rocking, bottle feeding and burping a colleague's infant as a lawmaker ranted about gas prices. Speaker Trevor Mallard held baby Tutanekai for about 15 minutes during a fiery general debate Wednesday after spotting lawmaker Tamati Coffey with his 6-week-old son. Mallard said Friday he's been trying to make parliament a more baby-friendly place by adding baby chairs, family rooms and soon, a slide. He's also increased the flexibility around family leave for lawmakers. New...

Australian court upholds sex abuse verdict of Cardinal Pell

Nov 18, 2019

MELBOURNE, Australia — An Australian appeals court Wednesday upheld convictions against Cardinal George Pell, the most senior Catholic to be found guilty of sexually abusing children, in a decision cheered by scores of abuse survivors and victims' advocates demonstrating outside the court. A unanimous jury in December found Pope Francis' former finance minister guilty of molesting two 13-year-old choirboys in Melbourne's St. Patrick's Cathedral more than two decades ago. The Victoria state Court of Appeal rejected his appeal in a 2-1 ruling, with the court's chief justice saying the majority found Pell's accuser to be a compelling "witness of truth."...

Stock Markets

About Us

The Morning Herald is a fast news provider in the United States since 2005. Fiercely independent and armed with irreverent intelligence, there’s no other place to get your news other than The Morning Herald.

Subscribe Now!