Bahrain’s central bank is launching a regulatory sandbox to allow blockchain and crypto companies to work in the country, pending formalized regulations. The news was reported by Bloomberg оn Feb. 20.As previously reported, in December 2018, the central bank issued draft proposals to potentially regulate and license crypto asset services. With the prospective framework currently open for consultation, the new sandbox will reportedly allow companies in the sector to work on a trial basis for nine months.
Dalal Buhejji, business manager at Bahrain’s Economic Development Board, told Bloomberg the initiative will enable firms "to test their solution on a limited number of users, with a limited number of transactions.” Buhejji said the initiative is intended to expedite new companies’ entrance into the market.