In an effort to promote Bahrain as a centre of financial technologies in the middle East, the authorities create opportunities for crypto and blockchain companies from India, reports The Economic Times.

According to senior Manager for the Bahrain economic development Board (EDB) Bahagi Dalal (Dalal Buhejji), the financial services sector is the country’s second largest source of GDP after oil and gas production.

“The Central Bank of Bahrain has created the proper ecosystem to support growth and innovation. Recently we saw a variety of new regulations to support the open banking services, regulating trade in scriptactive and the bill for the robotic business,” — said Bahaji.

She believes that Bahrain has become a testing ground for innovation in the financial services industry, as the country offers many advantages, including low cost of doing business, availability of accelerators and incubators. Manager EDB said that a few Indian blockchain-companies filed an application to participate in the recently launched “sandbox”.

Calling India a key market, Dalal Bahagi reported that in December, EDB held to attract FINTECH companies a road show in Mumbai, the largest city in the country. The Council also signed an agreement with the government of Maharashtra on cooperation in the promotion of new financial technologies. To support start-UPS in Bahrain has launched public-private partnership on the basis of FINTECH-Fintech hub Bahrain Bay.

Recall that in India, the cryptocurrency industry has faced serious problems after the ban of the Central Bank in the banking service industry companies. Some, like the largest crypto currency exchange Zebpay, were forced to move business abroad. Guide other crypto currency exchange — Unocoin — tried to circumvent the ban of the Reserve Bank install a bitcoin ATM, but faced criminal prosecution.