Bahrain to Offer Fast-Track Business Setup Program for Blockchain, AI Startups

In an effort to attract startups to the country, the Bahrain Economic Development Board (EDB) has launched a unique program. As per the press release, the investment promotion organization for the Kingdom of Bahrain has launched a fast-track program for startups interested in doing business in that country.

The latest move will offer a faster entry, including visa needs, business and registrations procedures. It also provides relevant suggestions from the nation’s accelerators and incubators, in addition to access to financial backing and grants.

EDB, through a statement, has claimed Bahrain to be a better country in comparison with its neighbors, while highlighting its friendly policy towards digital assets and transparent banking sector. The EDB said

“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.”

Multiple countries in the Middle East are fighting hard to turn into a leading tech centre in that region as authorities tasked with economic planning attempt to move away from traditional businesses such as hydrocarbons such as oil and gas.

The UAE has been actively working to advance artificial intelligence and blockchain technologies. Last month, the country’s Securities and Commodities Authority tabled a resolution on overseeing crypto assets, in order to ensure better transparency for crypto related ventures in the country.

In September, the UAE’s Ministry of Health and Prevention unveiled a blockchain system for storing and distributing healthcare info.

Dubai unveiled its Dubai Blockchain Strategy 2020 which reveals its desire to become the first “blockchain-powered” city next year. To achieve the objective, the Department of Economic Development in Dubai expressed its initiative to shift to a blockchain-powered single business enrollment platform earlier in October.

Last February, the Central Bank of Bahrain unveiled a regulatory sandbox for blockchain companies to trial and build new systems without concerns about compliance problems. In the same month, Shariah-compliant cryptocurrency exchange Rain turned into the first cryptocurrency exchange to finish the sandbox.