Bahrain-Based Crypto Platform to Enable Real Estate Acquisition Using Crypto

CoinMena, a Bahrain-based crypto asset service provider, has teamed up with Carlton Real Estate to facilitate real estate purchases using cryptocurrencies

Ali Adnan Mahmood, Carlton Real Estate’s deputy managing director, pointed out:

“We are proud to be the first real estate brokerage company in the kingdom to accept crypto asset transactions for property purchases and other real estate services through our partnership with CoinMena – the crypto asset service provider licensed by the Central Bank of Bahrain.” 

By incorporating crypto into its payment options, Carlton Real Estate believes this will propel its management, financing, and brokerage objectives. CoinMena enables institutional and retail investors to easily access digital asset investments directly from their bank accounts for frictionless and quick money transfers.

In a joint statement, CoinMena founders Dina Sam’an and Talal Tabbaa stated:

“As adoption continues to grow in the region, we see significant opportunities to use cryptocurrencies to purchase real-world assets. Crucially, this Carlton partnership also signals to the market that cryptocurrencies are maturing and gaining mainstream acceptance as a viable medium of exchange, they said in a joint statement.”

They added that Bahrain has been scrutinizing the crypto/blockchain space based on the adoption of various regulations.

For instance, the Central Bank of Bahrain (CBB) undertook a crypto payment trial with Onyx, JPMorgan’s cryptocurrency and blockchain unit. 

Furthermore, Binance received a Category 4 license as a crypto asset service provider (CASP) from the CBB. This license was to permit Binance Bahrain to offer a full range of crypto trading services to consumers under the supervision of the Bahrain regulators, Blockchain.News reported. 

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Binance Bahrain Gets Category 4 License to Provide Crypto Trading Service

Binance, a global cryptocurrency exchange, announced on Thursday that its subsidiary in Bahrain has received a Category 4 license as a crypto asset service provider (CASP) from the Central Bank of Bahrain (CBB).

According to the announcement, Binance Bahrain is the first exchange to be awarded a category 4 license by the CBB. The Category 4 license will allow Binance Bahrain to offer a full range of crypto trading services to consumers under the supervision of the Bahrain regulators.

Richard Teng, Head of MENA at Binance, further elaborated: “The upgrade to a Category 4 license in the Kingdom of Bahrain is a landmark achievement for Binance and further signifies our commitment to being a compliance-first exchange. This will allow us to provide the full suite of products and services that users have come to expect from an exchange, in a safe and well-regulated environment. We are grateful to the Central Bank of Bahrain for their support and vision in granting Binance Bahrain this license. Bahrain is well on the path to becoming a leading global hub for crypto.”

In December, Binance Bahrain was granted preliminary approval for the license but was required to complete the full application process before being awarded the full license. Bahrain, therefore, became the first nation in the Middle East/North Africa (MENA) region to grant such a license.

In March, Binance obtained a Category 3 license from the Central Bank that accepted it as a crypto service agent-principal provider. The license marked a significant step for the exchange to expand in the Middle East.

The Middle East Becoming a Crypto Trading Hub

Financial regulators and banks in the Middle East had been slower to embrace crypto than Europe and the US. Before the pandemic, the crypto market in the Middle East was still in its infancy. But after one year, the region started witnessing signs that crypto coins are evolving into an everyday part of life.

As a result, several cryptocurrency exchanges have emerged and raised funding, including Binance, Yoshi Markets, BitOasis, and CoinMENA, among others.

The Middle East and Bahrain in particular, is already a leader in fintech services. Flexible regulatory frameworks, rapid digital transformation, and a strong appetite for innovation in the financial sector are factors that have contributed to the region’s emerging position as a fintech hub, where technologies cryptocurrency and open banking can thrive.

In 2019, The Central Bank of Bahrain announced a legislative framework in 2019 by overseeing regulated crypto-asset services in the country, and keeping with its ambition of becoming a leading FinTech centre in the region.

Since the establishment of the regulatory framework, a number of crypto entities are taking advantage of the opportunity and collaborating closely with the CBB in optimizing their offerings. Firms that intend to participate in crypto financing are expected to obtain a license under Categories 1, 2,3, or 4 from the CBB.

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Binance Gets the Green Light to Operate in Bahrain

Binance, one of the world’s largest crypto exchanges in terms of trading volume, makes a new milestone after being granted a crypto-asset service provider license approved by the Central Bank of Bahrain (CBB).

This is Binance’s first license in the Cooperation Council for the Arab States of the Gulf (GCC), and it shows the exchange’s commitment to adhere to regulatory frameworks.

Changpeng Zhao (CZ), Binance’s founder and CEO, welcomed this development and stated:

“The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world.”

Through the crypto-asset license, Binance will have the opportunity to render cryptocurrency trading, portfolio management, and custodial services to customers under Bahrain regulations.

Zhao added:

“I’m proud of the hard work of the Binance team to meet the stringent criteria of the Central Bank of Bahrain, not just locally but globally, by ensuring that we meet and exceed the requirements of regulators and protect users with strong anti-money laundering and counter-terrorism financing policies.”

Crypto regulation is deemed a stepping stone towards more adoption because it triggers confidence among investors. 

Rasheed Al Maraj, the CBB governor, said:

“Developing regulations aligned with global trends is a key objective for us at the CBB. We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices.”

Binance has also been participating in a noble cause of supporting humanitarian relief efforts in Ukraine based on its recent $10 million donations. 

The funds were split between top non-profit organizations with whom Binance had prior partnerships like People in Need, UN Refugee Agency, UNHCR, iSans, and UNICEF.

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Shariah-Compliant Crypto Exchange Wins License From Bahrain Central Bank

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