Bahraini Cryptocurrency Exchange Starts Within The Gulf Cooperation Council Countries To 2019

The Bahrain cryptocurrency exchange will expand in the GCC, aiming to provide a full operating license in the region by 2019.

Rain, which is supported by bitcoin developer Jimmy Song, will be the first regulated digital currency exchange in the region.

Investors in the GCC were careful in the cryptocurrency trading due to the lack of rules, safety concerns and market volatility.

“The biggest problem in this industry is trust. We want our customers to feel safe when they use our product and take steps to ensure that, ” Rain said in a statement.

Rain, which allows users to buy, sell and store digital currency, launched limited operations in November 2017 as part of the Central Bank of Bahrain’s FinTech sandbox trial.

The program supports startups in the FINTECH sector, where investments rose to $8.2 billion in the third quarter of 2017 from $ 6.3 billion in the same period of 2016.