Bahrain Tries to Woo Indian Crypto Companies

Cryptocurrency businesses may not get much love in India thanks to the government’s unclear regulatory stance, but other countries are rushing in to take advantage of this economic opportunity. The Bahrain Economic Development Board (EDB) is inviting Indian blockchain and crypto businesses, including other fintech players, to set up base in the country.

Bahrain is trying to position itself as a hub for fintech businesses in the Middle Eastern region. In a bid to attract new startups, the country has put in place many incentives such as a regulatory sandbox, low costs of doing businesses along with accelerators and incubators.

The country sees India as a key market to fill its talent gap, and has also signed a Memorandum of Understanding (MoU) with Maharashtra state to promote and support the fintech space in their respective markets. Bahrain already has a sizeable number of Indian businesses working there thanks to its simple licensing process, relaxaed taxation rules and access to the large Middle Eastern market, along with proximity to India.

Other countries are now courting Indian cryptocurrency businesses, whereas our own government is actively promoting the crypto brain drain from the country. Can this stop please?

(Image credit: Flickr | Allan Donque)

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