Cryptocurrency infrastructure provider Binance has obtained a Crypto Asset Trading Service License from the Central Bank of Bahrain.
According to Arabiya Net, this step constitutes a quantum leap in Binance's path as the first provider to obtain a license to service crypto assets in the GCC region.
Changping Zhao, founder and CEO of Binance, said yesterday that the license granted to his company in Bahrain marks a milestone in our journey to be fully licensed and regulated worldwide.< /p>
The crypto asset license will allow Binance to provide crypto-asset trading, custody services, custody and portfolio management services to clients, under the supervision of lawmakers in the Kingdom of Bahrain, according to the official Bahrain News Agency.
Central Bank of Bahrain Governor Rasheed Al-Maraj said: The development of legislation in line with global trends in financial services is one of the most important objectives of the Central Bank of Bahrain, as we will continue to work with our partners and leaders The industry is like Binance by developing legislation that supports innovation and best practices in the sector.
For his part, Khalid Humaidan, CEO of Bahrain Economic Development Board, said: The Bahrain team has helped establish a world-class infrastructure to support the rapid growth of the crypto and blockchain industry. Through the presence of strong legislation, and multiple talents in the financial services sector, financial technology and other specialized technical fields, our cooperation with industry leaders, including Binance, will enhance our mission to develop the Kingdom of Bahrain's position as a leading center for this industry.
