The Central Bank of Bahrain Regulatory Sandbox Framework provides a safe space for FinTech companies to try out new approaches to old problems. The island country started the program last year as part of its drive to diversify and digitize its economy and increase the competitiveness of its financial services industry.
OpenNode is developing a number of initiatives, one of which is a digital wallet that can include a debit card that is connected to an existing account and support settlement in several currencies across the world.
OpenNode is working with the governments of various developing nations as part of its worldwide expansion strategy. To that aim, it plans to build up the necessary systems to support Bahrain’s economic growth and demonstrate why Bitcoin is associated with superior commerce.
OpenNode was founded four years ago with the express purpose of serving as a bitcoin payment acceptance and payout solution for companies, platforms, and individuals all around the world.
OpenNode CEO and Co-Founder Afnan Rahman states,
“OpenNode’s leading Bitcoin infrastructure solution continues to pave the way for countries, governments, and reputable financial institutions to adopt the Bitcoin standard and transact on the lightning network.”
Bahrain’s Crypto Background
Earlier this year, Binance received its Category 4 license as a fully functional crypto-asset service provider from the CBB.
According to the CBB, the biggest cryptocurrency exchange in the world was awarded a license after successfully completing all of the organization’s technological, operational, and security standards.
The first and only exchange to get a category 4 license is Binance Bahrain. Getting thus far took roughly three months after Binance received its preliminary license to start up a crypto-asset firm, but it allowed it to finally launch its operations in the state.
Previously, it had been awarded an “in-principle” decision, marking the beginning of the entire authorization procedure in which the applicant must prove compliance with one or more standards established by the CBB. With its newly enhanced license, the largest cryptocurrency ecosystem in the world may now provide a complete range of cryptocurrency exchange services to customers in Bahrain.
