Bahrain has become the first Middle Eastern-North African country that has given Binance approval in principle to establish itself as a crypto-asset service provider, according to media reports. This move is also a part of Binance’s plans to expand its presence in the region. Binance is the world’s largest cryptocurrency exchange by trading volume and the approval was given by Bahrain’s central bank to become a crypto-asset service provider in the Gulf kingdom.
This approval comes after Binance applied for a license from the Central Bank of Bahrain (CBB) to take forward its plans to become a fully-regulated centralised cryptocurrency exchange. CBB is also the first regulator in the Middle East North Africa (MENA) region to grant in-principle approval to a Binance entity. But the approval still requires Binance to complete the full application process. The time to complete the project has not been announced yet.
Last week Binance signed a cooperation deal with Dubai World Trade Centre Authority and plans to set up a global virtual asset ecosystem. Changpeng Zhao, the CEO and co-founder of Binance, told the media, “I am grateful for the confidence the Dubai World Trade Centre Authority has placed in Binance. Together, we share a vision for helping Dubai embrace the new future economy that includes crypto and blockchain.”
The crypto giant will also participate in this knowledge-sharing ecosystem where the company will bring its knowledge and experience in collaborating with global regulators to aid the development of progressive Virtual Asset regulations.