The Bahrain Economic Development Agency (EDB) has launched a new program to include more startups in the country.
According to a press release issued on October 29, the Bahrain Investment Promotion Authority has launched a start-up program that will allow them to quickly set themselves up for action.
This new initiative includes an accelerated entry process, which regulates visas, residence permits and business registration. It also offers advice from startup incubators and accelerators, as well as grants and financial support.
In its statement, the EDB praised Bahrain as a better business location relative to its neighbors. It also emphasizes that cryptocurrencies and open banking are welcome. The EDB stated:
"Britain's revolutionary, agile and flexible regulatory framework enables it to regulate new technologies – such as open banking and cryptocurrencies – in ways other regions simply cannot, making Bahrain's reputation as the de facto test site of regions for brand new technologies."
Middle East: Blockchain as an alternative to hydrocarbons
Several countries in the Middle East are competing to become the leading technology hub in the region. Economic planning authorities also want to establish something else in their economies other than just hydrocarbons, such as oil and gas.
The UAE has actively promoted the development of blockchain and artificial intelligence. In October, the SCA country regulator made the decision to regulate crypto assets. This will give more clarity to crypto projects in the country.
In September, the UAE Ministry of Health and Prevention set up a blockchain system for collecting and sharing health information for the first time.
Dubai has unveiled its Dubai Blockchain 2020 strategy. As part of that, the city wants to be the first "blockchain" city by then. In the context of this ambitious goal, the Ministry of Economic Development announced early last month in Dubai that it has transitioned to a unique blockchain-based enterprise registration platform.
In February 2019, the Bahrain Central Bank introduced a regulatory framework that allowed Blockchain companies to experiment and develop new concepts without worrying about compliance. That same month, Shariah-compatible cryptocurrency Rain was the first digital asset exchange to fully test the sandbox.