Is NFT (Crypto) Legal in Bahrain

Last Updated on June 5, 2024 by Usman Javed

The rise of cryptocurrencies and NFTs has captured global attention, sparking widespread interest in their regulation and control. The legal framework surrounding crypto and NFTs in Bahrain plays a vital role in creating a secure and transparent environment for people participating in the digital asset space. Here is what you need to know about the crypto and NFTs in Bahrain. 

What Is The Legal Status Of Crypto And NFTs In Bahrain?

Regarding cryptocurrency activities, the Central Bank of Bahrain (CBB) established the “Crypto-Asset Module” regulations in 2019. The CBB released the Regulations in an effort to substantially mitigate the risk of financial crime and illegal usage of cryptocurrency assets, given the global market for these assets is expanding and becoming more and more popular. These policies prioritize protecting customer interests, adhering to compliance standards, and implementing security measures.

NFTs, on the other hand, are also widely adopted in Bahrain. For instance, in 2022, Bahrain hosted the state-of-the-art NFT MENA Exhibit. It was a very unique and innovative experience that was set up to present a dynamic and futuristic view of the art world regionally and globally.  On March 16 of that year, the exhibition opened to the public with the goal of fostering networking and drawing interest in the field of NFTs through captivating exhibits and artwork that offered a glimpse into the future. 

FAQs

Is NFT legal in Bahrain?

Cryptocurrencies are slowly being regulated by governments and financial institutions around the world. However, the current regulations do not set any formal enforcement over who owns an NFT or who violates those regulations.

Does Bahrain allow crypto?

Companies that want to operate a cryptocurrency exchange in Bahrain have to get a license and adhere to anti-money laundering laws. 

Can I buy BTC in Bahrain?

BitOasis is a digital currency platform that serves the MENA region. Customers in Bahrain can purchase Bitcoin with a wire transfer or a credit/debit card. 

Is Binance available in Bahrain?

Binance.bh acquired its Crypto Asset Service Provider license on May 19, 2022. Since then, customers in Bahrain can now sign up for the newly regulated platform and use Binance’s services.

Can I withdraw money from Binance in Bahrain?

Binance allows you to withdraw fiat money via bank transfer (BBK). Currently, BBK accepts BHD, AED, KWD, and OMR withdrawals.

Does Bahrain accept cryptocurrency?

Recently, the Kingdom of Bahrain became the first country in the Middle East to allow the cryptocurrency exchange Binance to take up operations within its borders. 

Where to buy crypto in Bahrain?

Rain is the first cryptocurrency exchange to receive a regulatory license in the Middle East, joining a select group of exchanges worldwide.

Takeaways

The country’s cryptocurrency sector is likely to grow as a result of sustained cooperation between the government, regulatory authorities, and industry players.