Accoridng to a medium post by Burency exchange, the crypto exchange plans to seek registration in the Kingdom of Bahrain before it can expand to other regions of the world. As quoted by Burency, Bahrain is quite important to the success of Burency. This gulf nation seeks to establish itself as a major hub for ICT innovation. The Kingdom was recently ranked 31 out of 176 when it comes to ICT development. They have made a lot of progress in recent years to reach this point.
Besides ICT, Bahrain has been quite welcoming of crypto. In 2017, the Central Bank of Bahrain announced they had created a regulatory sandbox for fintenchs. This sandbox would also cover crypto and blockchain technology. This sandbox will make it possible for fintech to test and refine their technology without being burden by the financial requirements that apply to their activities. Bahrain’s Central Bank granted its first sandbox license for a crypto exchange in 2018. As such, there is already precedence for what the Burency exchange is trying to achieve. At the time, a government official of Bahrain was quoted as saying that the government recognized crypto as a commodity, which could be traded on an exchange.
Burency had previously announced that it had launched in the UAE with its Dubai Office.
Rain crypto asset exchange was one of the first to officially launch in Bahrain. In addition ABu Dhabi has also been striving to become a leader in fintech, and crypto regulations and has granted aroud 6 preliminary crypto asset licenses in 2019.