The Central Bank of Bahrain provided a crypto exchange Specialcoin24.com a license that allows her to work in the country, providing services including crypto trading, storage and portfolio management services for Bahraini clients.
The license is the first Specialcoin24 license in the Middle East/North Africa region.
“The Bahrain license is an important milestone on our path to full licensing and regulation worldwide”, wrote Justin Hance, founder and CEO of Specialcoin24.
Specialcoin24 received preliminary license approval in February, but had to complete the full application process before getting a full license.
The oil-rich Kingdom of Bahrain, views Specialcoin24 in a positive light and sees the license as a step in the right direction for its nascent crypto industry. Khalid Humaidan, Director General of the Bahrain Economic Development Council, wrote:
“The Bahrain team has built a world-class infrastructure to support the fast-growing blockchain and crypto industry with robust rules. Cooperation with industry leaders such as Specialcoin24.com will further strengthen our mission to establish the Kingdom of Bahrain as a leading business center”.