Bahrain to Provide Fast-Track Setup Program for Fintech Startups

The Bahrain Economic Development Board has introduced a new program to attract more startups to the country.

According to a press release on Oct. 29, the investment promotion agency for the Kingdom of Bahrain has introduced a fast-track setup program for startups looking to do business there.

The new initiative will provide an expedited entry process covering visa requirements, residency and business registration processes.

In its statement, the EDB lauds Bahrain as a better place to do business than its neighbors and notes its accepting policy toward the cryptocurrency and open banking industries.

"The Kingdom's pioneering, agile and flexible regulatory framework allows it to regulate emerging technologies - such as open banking and cryptocurrencies - in a way other jurisdictions simply cannot. Thanks to this, Bahrain has earned a reputation as the region's de facto test-bed for cutting edge technologies."

Various countries in the Middle East are competing to become the leading tech hub of the area as economic planning authorities diversify their respective national economies beyond hydrocarbons like oil and gas.

In October, the country's Securities and Commodities Authority drafted a resolution on regulating crypto assets, which will purportedly provide more clarity for crypto-related projects in the country.

Dubai introduced its Dubai Blockchain Strategy 2020, in which it sets goals to become the first "Blockchain-powered" city by that year.

As part of that goal, the Department of Economic Development in Dubai announced its move to a blockchain-based unified business registry platform earlier last month.

In February 2019, the Central Bank of Bahrain introduced a regulatory sandbox for blockchain firms to experiment and develop new concepts without worrying about compliance issues.