⚡Bahrain: Hyperbitcoinization⚡

🏦 The National Bank of Bahrain has launched its first investment fund in #Bitcoin targeting institutional investors from the Gulf Cooperation Council (GCC) region, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).

⚙️ This fund was developed in partnership with ARP Digital, a firm specializing in digital assets, designed to provide exposure to Bitcoin, with gains limited to a predetermined limit and offering protection against falls.

🇧🇭 Bahrain has been working to attract digital asset companies, with the aim of creating a balanced environment for innovation in #Bitcoin, cryptocurrencies and financial technology, establishing clear regulations that address both investor protection and business growth.

🇦🇪 The United Arab Emirates is also moving forward in this regard. In 2023, Dubai’s Virtual Asset Regulatory Authority (VARA) issued comprehensive guidelines for #Web3 businesses including four mandatory rulebooks, seven activity-specific rulebooks, and one focused on virtual asset issuance.

📊 A Chainalysis report indicates that the Middle East and North Africa region accounted for 7.5% of the global #Bitcoin and cryptocurrency transaction volume between July 2023 and June 2024, a significant portion of institutional and professional investors via #CEX although they admit that #DEX is taking notable positions.